Standard Bank International Funds Limited Annual Report ... · Standard Bank International Funds Limited 4 REPORT OF THE DIRECTORS The.directors.submit.their.annual.report.and.audited.financial.statements.for.the.year.ended.30

Standard Bank International Funds Limited

1

Standard Bank

International Funds Limited

Annual Report and Audited

Financial Statements For the year ended 30 September 2018

2

CONTENTS

Administration............................................................................................................................................... 3

Report.of.the.Directors......................................................................................................................................... 4

Report.of.the.Custodian.............................................................................................................................................. 7

Investment.Manager’s.Report............................................................................................................................................ 8

Independent.Auditors’.Report................................................................................................................................................. 16

Statements.of.Financial.Position............................................................................................................................................. 18

Statements.of.Comprehensive.Income...................................................................................................................................21

Statements.of.Changes.in.Net.Assets.Attributable.to.Holders.of.Redeemable.Share........................................................24

Notes.to.the.Financial.Statements..........................................................................................................................................26

Fund.Statistics.(Unaudited).....................................................................................................................................................50

Total.Expense.Ratio.(Unaudited)............................................................................................................................................. 55

Portfolio.Statements.(Unaudited)...........................................................................................................................................59


33

ADMINISTRATION

Directors

Graham.Baillie.(South.African/British).Michael.Farrow*.(British).Helen.Holmes.(British).Oliver.Sonnbichler.(South.African/Austrian)

Registered Office

Standard.Bank.House.47.–.49.La.Motte.Street.St..Helier.Jersey.JE2.4SZ.Channel.Islands

Manager and Secretary

STANLIB.Fund.Managers.Jersey.Limited.Standard.Bank.House.47.–.49.La.Motte.Street.St..Helier.Jersey.JE2.4SZ.Channel.Islands.

Investment Manager

Standard.Bank.International.Investments.Limited.Standard.Bank.House.47.–.49.La.Motte.Street.St..Helier.Jersey.JE2.4SZ.Channel.Islands

Custodian

Link.Corporate.Services.(Jersey).Limited1.12.Castle.Street.St..Helier.Jersey.JE2.3RT.Channel.Islands

Sub-Custodian and Banker

The.Bank.of.New.York.Mellon.SA/NV.London.Branch.The.Bank.of.New.York.Mellon.Centre.160.Queen.Victoria.Street.London.EC4V.4LA.United.Kingdom

Administrator

BNY.Mellon.Fund.Services.(Ireland).Designated.Activity.Company.One.Dockland.Central,.Guild.Street.International.Financial.Services.Centre.Dublin1.Ireland

Independent Auditors

PricewaterhouseCoopers.One.Spencer.Dock.North.Wall.Quay.Dublin1.Ireland

Legal Adviser

Ogier.Ogier.House.44.Esplanade.St..Helier.Jersey.JE4.9WG.Channel.Islands

*Independent.Non-Executive.Director1Please.see.Note.11.


4

REPORT OF THE DIRECTORS

The.directors.submit.their.annual.report.and.audited.financial.statements.for.the.year.ended.30.September.2018.

Incorporation

Standard.Bank.International.Funds.Limited.(the.“Company”.or.“Fund”).is.an.‘Umbrella.Fund’.and.an.open-ended.investment.Company.incorporated.in.Jersey.on.24.September.1999.with.limited.liability.under.the.Law.and.holds.a.fund.certificate.issued.pursuant.to.the.Collective.Investment.Funds.(Jersey).Law.1988.and.is.regulated.by.the.Jersey.Financial.Services.Commission.(“JFSC”)..Participating.shares.may.be.issued.and.redeemed.at.prices.based.upon.each.Class’s.underlying.net.asset.value.

Structure

The.Company.offers.investors.a.choice.of.classes.(each.such.class.being.referred.to.as.a.“Class.Fund”).and.the.opportunity.to.switch.from.one.Class.Fund.to.another..As.at.30.September.2018.there.are.eight.Class.Funds.available,.see.Objective.and.investment.policy.section.below.for.more.details.

The.assets,.liabilities,.income.and.expenses.attributable.to.each.class.of.participating.share.are.applied.to.the.Class.Fund.established.for.that.class..If.they.are.not.attributable.to.any.particular.class.of.participating.shares,.they.are.allocated.between.all.the.Class.Funds.in.such.manner.as.the.directors.deem.to.be.equitable..The.Company.is.a.single.legal.entity...As.a.result,.although.the.assets,.income,.earnings,.liabilities.and.expenses.attributable.to.each.Class.Fund.will.be.segregated.and.kept.separate.from.those.attributable.to.other.Class.Funds,.in.the.event.of.the.Company.not.being.able.to.meet.the.liabilities.attributable.to.any.particular.Class.Fund.out.of.the.assets.of.such.Class.Fund,.the.excess.liabilities.may.be.met.out.of.the.assets.attributable.to.other.Class.Funds..

Objective and investment policy

The.objective.of.the.Company.is.to.provide.investors.with.a.worldwide.range.of.investment.opportunities,.which.are.professionally.managed,.with.the.aim.of.achieving.long-term.growth.through.capital.gains.and.accumulation.of.income.

The.Company.offers.investors.a.choice.of.classes.of.Participating.Shares.each.such.class.being.designated.by.reference.to.a.separate.investment.portfolio.referred.to.as.a.“Class.Fund”.

There.are.currently.eight.Class.Funds.within.the.Company

The.Multi.Manager.Global.Equity.Class.Funds.USD.and.GBP.are.‘fund.of.funds’.which.only.invest.in.collective.investment.funds.and.are.designed.to.provide.long-term.capital.appreciation.through.investment.solely.in.equity.oriented.funds.with.a.bias.towards.the.domestic.markets.of.the.base.currency.of.each.Class.Fund..The.Investment.Manager.will.look.to.maintain.a.fully.invested.equity.strategy.at.all.times..These.aggressive.portfolios.are.suited.to.investors.seeking.the.longer-term.reward.of.equity.investment.and.are.prepared.to.accept.the.higher.level.of.volatility.normally.associated..with.this.type.of.investment..

The.Multi.Manager.Global.Balanced.Class.Funds.USD.and.GBP.are.‘fund.of.funds’.which.only.invest.in.other.collective.investment.funds.and.are.designed.to.provide.long-term.capital.appreciation.through.investment.in.a.broad.range.of.funds.covering.primarily.equity.and.fixed.income.asset.classes.and.cash..These.aggressive.portfolios.are.suited.to.investors.seeking.the.longer-term.reward.of.equity.investment.and.are.prepared.to.accept.the.higher.level.of.volatility.normally.associated.with.this.type.of.investment..

The.Multi.Manager.Absolute.Return.Class.Funds.USD.and.GBP.are.‘fund.of.funds’.which.invest.in.collective.investment.funds.and.are.designed.to.provide.long-term.capital.growth.through.investing.in.a.broad.range.of.funds.covering.primarily.alternative,.fixed.income.and.multi.asset.strategies,.together.with.inflation-linked.real.return.strategies..These.conservative.portfolios.are.suited.to.investors.seeking.returns.in.excess.of.inflation.with.a.low.level.of.volatility.

The.Multi.Manager.Global.Tactical.Asset.Allocation.Class.funds.USD.and.GBP.are.‘fund.of.funds’.which.invest.in.other.collective.investment.funds.and.are.designed.to.provide.long.term.capital.appreciation.through.investment.in.a.broad.range.of.funds.covering.primarily.equity.and.fixed.income.asset.classes.and.cash..These.aggressive.portfolios.are.suited.to.investors.seeking.the.longer.term.reward.of.equity.investment.and.are.prepared.to.accept.the.higher.level.of.volatility.normally.associated.with.this.type.of.investment.


5

REPORT OF THE DIRECTORS (CONTINUED)

Objective and investment policy (continued)

Each.Class.Fund.may.enter.into.derivatives.for.the.purpose.of.efficient.portfolio.management.

Results and dividends

The.results.for.the.year.are.set.out.in.the.Statements.of.Comprehensive.Income.on.pages.20,.21.and.22..The.Company’s.present.policy.is.to.accumulate.income.and.as.such.the.Company.has.not.declared.or.paid.a.dividend.in.respect.of.the.year.from.1.October.2017.to.30.September.2018.or.1.October.2016.to.30.September.2017..

Directors

The.directors.of.the.Company.during.the.year.and.subsequently.are.set.out.on.page.3..

Graham.Baillie.is.also.director.of.Standard.Bank.International.Investments.Limited.and.Chairman.of.Melville.Douglas.Investment.Management.(Proprietary).Limited..Helen.Holmes.is.also.director.of.Standard.Bank.International.Investments.Limited,.Oliver.Sonnbichler.is.an.executive.of.Melville.Douglas.Investment.Management.(Proprietary).Limited.and.Michael.Farrow.is.an.independent.Non-Executive.Director..

Graham.Bailie.holds.4,784.69.units.in.the.Multi.Manager.Global.Equity.Fund.(GBP).

Registered Office

The.registered.office.is.as.disclosed.on.page.3.

Statement of Director’s Responsibilities

The.directors.are.responsible.for.preparing.the.financial.statements.in.accordance.with.applicable.Jersey.law.and.United.Kingdom.Accounting.Standards.(United.Kingdom.Generally.Accepted.Accounting.Practice.“UK.GAAP”),.including.Financial.Reporting.Standard.(“FRS”).102.“The.Financial.Reporting.Standard.applicable.in.the.United.Kingdom.and.Republic.of.Ireland”.(“FRS.102”).

The.Companies.(Jersey).Law,.1991.requires.the.directors.to.prepare.the.financial.statements.for.each.financial.year,.which.give.a.true.and.fair.view.of.the.state.of.affairs.of.the.Company.and.of.the.profit.and.loss.of.the.Company.for.that.year..In.preparing.those.financial.statements,.the.directors.should:

–. select.suitable.accounting.policies.and.then.apply.them.consistently;

–. make.judgements.and.estimates.that.are.reasonable.and.prudent;

–. state.whether.applicable.accounting.standards.have.been.followed,.subject.to.any.material.departures.disclosed.and.explained.in.the.financial.statements;.and

–. prepare.the.financial.statements.on.the.going.concern.basis.unless.it.is.inappropriate.to.presume.that.the.Company.will.continue.in.operation.

The.directors.confirm.that.they.have.complied.with.all.of.the.above.requirements.in.preparing.the.financial.statements.

The.directors.are.responsible.for.keeping.proper.accounting.records,.which.disclose.with.reasonable.accuracy.at.any.time.the.financial.position.of.the.Company.and.enable.them.to.ensure.that.the.financial.statements.comply.with.the.Companies.(Jersey).Law.1991..They.have.general.responsibility.for.taking.such.steps.as.are.reasonably.open.to.them..to.safeguard.the.assets.of.the.Company.and.to.prevent.and.detect.fraud.and.other.irregularities.

So.far.as.the.directors.are.aware,.there.is.no.relevant.audit.information.of.which.the.Company’s.auditors.are.unaware,.and.each.director.has.taken.all.the.steps.that.he.or.she.ought.to.have.taken.as.a.director.in.order.to.make.himself..or.herself.aware.of.any.relevant.audit.information.and.to.establish.that.the.Company’s.auditors.are.aware.of..that.information..


6

REPORT OF THE DIRECTORS (CONTINUED)

Connected Persons

The.directors.are.satisfied.that.there.are.arrangements.in.place.to.ensure.that.transactions.with.connected.persons.entered.into.during.the.year.were.carried.out.as.if.negotiated.at.arm’s.length.and.were.in.the.best.interests.of.shareholders.

Independent Auditors

PricewaterhouseCoopers.Ireland.have.indicated.their.willingness.to.continue.in.office..A.resolution.to.reappoint.PricewaterhouseCoopers.Ireland.as.independent.auditors.of.the.Company.will.be.proposed.at.the.annual.general.meeting..A.copy.of.the.Notice.of.the.Annual.Form.of.Proxy.General.Meeting.is.attached.and.forms.part.of.these..financial.statements.

Secretary

The.Secretary.of.the.Company.during.the.year.ended.30.September.2018.and.subsequently,.was.STANLIB.Fund.Managers.Jersey.Limited.

By Order of the Board

STANLIB Fund Managers Jersey Limited

Company Secretary

9 January 2019


7

REPORT OF THE CUSTODIAN

To the members of Standard Bank International Funds Limited.

The.Custodian.is.responsible.for.the.safekeeping.of.all.the.property.of.the.Company.which.is.entrusted.to.it,.as.prescribed.in.the.Custodian.Agreement..

Under.the.principles.of.the.Guide.to.open-ended.unclassified.collective.investment.funds.offered.to.the.general.public.(the.“OCIF.Guide”),.issued.by.the.Jersey.Financial.Services.Commission,.the.Custodian.has.a.duty.to.take.reasonable.care.to.ensure.that.the.methods.adopted.by.the.Company’s.Manager.in.respect.to.the.pricing.of,.and.dealing.in,.shares..in.the.Company.are.compliant.with.the.Company’s.principal.documents.

It.is.the.opinion.of.Link.Corporate.Services.(Jersey).Limited.in.respect.of.the.year.ended.30.September.2018.that.to..the.best.of.our.information,.knowledge.and.belief,.that.in.all.material.respects,.the.Manager.managed.the.Class.Funds..in.that.year:

a).. in.accordance.with.the.limitations.imposed.on.the.investment.and.borrowing.powers.of.the.Company.by.the.Articles.of.Association.and.Prospectus.and;

b).. otherwise.in.accordance.with.the.provisions.of.the.Management.and.Custodian.Agreements..

Link Corporate Services (Jersey) Limited

Custodian

9 January 2019


8

INVESTMENT MANAGER’S REPORT

PERFORMANCE COMMENTARY

Multi Manager Global Equity Funds

Investment objective:

To.provide.long-term.capital.appreciation.through.investment.solely.in.equity-orientated.funds..The.manager.will.look.to.maintain.a.fully.invested.strategy.at.all.times..A.minimum.exposure.of.40%.to.larger.capitalised.shares.means.that.the.manager.can.position.the.fund.significantly.away.from.that.of.the.peer.group.or.benchmark.in.order.to.optimise.performance..It.is.therefore.suited.to.investors.who.are.willing.to.accept.the.higher.level.of.volatility.associated.with.a.fund.of.this.flexibility.

Quantitative analysis:

US Dollar Class

For.the.period.under.review;.the.‘C’.Share.Class.return.was.7.95%,.the.‘B’.Share.Class.return.was.7.61%,.the.‘A’.Share.Class.return.was.7.27%.%.and.the.‘X’.Share.Class.return.was.8.58%..The.Fund’s.benchmark.is.the.FTSE.All.World.Total.Return.Net.Index.in.US.dollars;.the.benchmark’s.return.was.9.67%.

Sterling Class

For.the.period.under.review;.the.‘C’.Share.Class.return.was.9.01%,.the.‘B’.Share.Class.return.was.8.70%,.‘A’.Share.Class.return.was.8.38%.and.the.‘X’.Share.Class.return.was.9.74%..The.Fund’s.benchmark.is.composed.of.40%.FTSE.UK..Total.Return.Net.Index.in.sterling.and.60%.FTSE.All.World.Total.Return.Net.Index.in.sterling..The.benchmark.return..was.10.00%.for.the.period..

Commentary:

It.was.another.solid.year.for.global.equity.investors,.although.after.a.remarkably.calm.2017.it.was.a.far.more.volatile.period,.perhaps.symptomatic.of.a.US.investment.cycle.that.appears.increasingly.long.in.the.tooth..The.US.provided.both.economic.and.market.leadership,.with.the.economy.clearly.firing.on.all.cylinders.and.corporate.profits.benefiting.from.both.the.favourable.impact.of.domestic.sales.growth.and.the.corporate.tax.cuts.implemented.earlier.this.year....Geopolitical.events.were.the.predominant.driver.of.market.sentiment.with.President.Trump’s.trade.and.foreign.policy.rhetoric.in.particular.unsettling.investors..Concerns.over.a.potential.trade.war.mainly.impacted.exporting.countries.outside.of.the.US,.with.Chinese.and.emerging.market.equities.hardest.hit..Large.swings.in.currencies.were.also.a.major.driver.of.returns.with.the.US.dollar.appreciating.against.most.currencies.and.the.most.vulnerable.emerging.markets.with.large.current.account.deficits,.such.as.Turkey.and.Argentina,.suffering.major.currency.falls.

Both.classes.of.the.Global.Equity.Fund.delivered.solid.returns.for.the.year,.although.following.a.difficult.spell.towards.the.end.of.the.period.relative.returns.were.slightly.in.arrears.of.the.reference.benchmark.

There.was.a.huge.divergence.in.the.returns.from.the.geographic.regions,.industry.sectors.and.investment.styles..This.was.most.evident.in.the.US.where.our.best.performing.equity.growth.managers.delivered.returns.of.around.23%.in.US.dollar.terms.while.two.of.our.value.managers.suffered.declines.in.the.region.of.2%..US.small-cap.strategies.also.moderately.underperformed.large.caps.over.the.period.despite.the.earnings.tailwinds.of.lower.corporate.tax.rates,.strong.domestic.growth.and.some.deregulation..Most.of.the.geographic.regions.other.than.the.US.posted.flat.to.slightly.negative.total.returns.in.US.dollar.terms,.the.exception.being.Japan.which.returned.almost.10%..The.star.manager.over.the.period.was.the.Baillie.Gifford.Japanese.Smaller.Companies.Fund.with.a.return.of.almost.30%.in.US.dollars..There.were.also.stellar.returns.from.the.technology.and.healthcare.thematic.funds.


9

INVESTMENT MANAGER’S REPORT (CONTINUED)

MULTI MANAGER GLOBAL EQUITY FUNDS (CONTINUED)

Commentary (continued)

The.overweight.exposure.to.emerging.market.strategies.undermined.performance.and.in.aggregate.our.managers.also.underperformed.the.benchmark.index,.although.this.was.partially.offset.by.our.decision.to.exit.the.China.Consumer.thematic.fund.in.April.prior.to.the.severe.sell.off.in.Chinese.equities..On.an.attribution.basis.the.overall.underperformance.was.driven.by.a.multitude.of.small.factors.with.two.thirds.of.the.underlying.managers.failing.to.match.benchmark.returns..This.was.most.evident.in.the.regional.US.allocations,.where.in.aggregate.our.managers.underperformed.the.benchmark.by.approximately.5%..Nevertheless,.we.remain.committed.to.our.strategy.to.blend.growth,.value.and.small.cap.strategies.which.we.believe.will.outperform.over.a.normal.cycle.

Forward thinking:

In.the.short-term,.US.growth.is.likely.to.remain.robust.as.the.secondary.effects.of.the.tax.breaks.and.the.virtuous.effects.of.increased.domestic.consumption.kick.in..However,.valuations.are.once.again.stretched.in.certain.areas.of.the.US.market.and.we.are.concerned.with.the.differential.in.relative.valuations.of.US.companies.versus.the.rest.of.the.world...Taking.a.five-year.view,.the.outlook.for.the.US.markets.is.particularly.gloomy.with.our.implied.returns.work.suggesting.a.high.probability.of.significant.negative.real.returns..We.are.also.concerned.with.the.concentration.in.the.composition.of.the.US.equity.indices;.technology.stocks.plus.Amazon.now.account.for.around.half.of.the.S&P.Growth.Index.and.within.this.a.narrow.selection.of.mega.cap.companies.are.driving.returns..This.sector.and.stock.concentration.appears.anomalous.and.when.situations.like.this.have.developed.in.the.past,.for.example.in.1999,.the.eventual.corrections.have.been.severe.

In.contrast,.our.medium-term.implied.return.outlook.for.emerging.markets.is.for.annualised.returns.in.excess.of.ten.percent.over.the.next.five.years,.albeit.with.a.wider.spread.of.probable.outcomes..We.acknowledge.that.the.short-term.outlook.for.emerging.markets.could.be.challenging,.particularly.for.countries.with.large.current.account.deficits.and.high.external.debt,.however.our.long-term.investment.case.is.based.on.favourable.demographics,.the.rapid.growth.of.the.middle-class,.rising.disposable.income.and.consumer.spending.trends..Volatility.could.persist.in.the.short-term,.however.we.believe.the.long-term.case.remains.compelling.

We.continue.to.focus.on.long-term.secular.growth.opportunities.and.attractive.relative.value..On.this.basis,.we.retain.the.overweight.exposure.to.emerging.market.and.Japanese.equities.and.compelling.thematic.opportunities.such.as.healthcare,.technology,.US.financials..We.are.also.considering.an.allocation.to.a.broad.global.resources.strategy.where.the.industry.trends.are.becoming.more.favourable.


10


MULTI MANAGER GLOBAL BALANCED FUNDS


To.provide.long-term.capital.growth.through.investing.in.a.diverse.range.of.asset.classes.including.international,.regional.and.thematic.equity.funds.together.with.fixed.income.funds,.exchange.traded.funds.and.cash..The.diverse.nature.of.the.asset.classes.has.historically.resulted.in.a.moderate.level.of.volatility,.although.given.the.potential.exposure.ranges.to.equity.as.an.asset.class,.the.Fund.is.suitable.only.for.investors.with.a.longer.term.investment.horizon,.and.who.are.prepared.to.tolerate.the.risk.of.shorter.term.loss.

QUANTITATIVE ANALYSIS

US Dollar Class

For.the.period.under.review;.the.‘C’.Share.Class.return.was.5.82%,.the.‘B’.Share.Class.return.was.5.56%,.the.‘A’.Share.Class.return.was.5.25%.and.the.‘X’.Share.Class.return.was.9.49%..The.Fund’s.benchmark.is.composed.of.30%.FTSE.All.World.Total.Return.Net.Index.in.US.dollars,.20%.FTSE.USA.Total.Return.Net.Index.in.US.dollars.and.50%.Bloomberg/EFFAS.Bond.Indices.US.Government.1.–.10.Year.Index..The.benchmark.return.was.5.71%.for.the.period.

Sterling Class

For.the.period.under.review;.the.‘C’.Share.Class.return.was.5.17%,.the.‘B’.Share.Class.return.was.4.86%,.the.‘A’.Share.Class.return.was.4.61%.and.the.‘X’.Share.Class.return.was.5.87%..The.Fund’s.benchmark.is.composed.of.30%.FTSE.All.World.Total.Return.Net.Index.in.sterling,.20%.FTSE.UK.Total.Return.Net.Index.in.sterling.and.50%.Bloomberg/EFFAS.Bond.Indices.UK.Government.1.–.10.Year.Index..The.benchmark.return.was.4.96%.for.the.period.

Commentary

Volatility.returned.to.financial.markets.as.investor.focus.fluctuated.from.geopolitical.concerns.and.trade.wars.to.the.improving.corporate.earnings.and.fairly.robust.economic.backdrop..US.equities.were.the.relative.winners.in.a.year.where.there.was.a.huge.divergence.in.returns.from.financial.assets..The.S&P.500.delivered.a.solid.18%.return,.driven.by.impressive.earnings.growth.following.the.US.corporate.tax.reform,.while.emerging.markets.assets.suffered.from.the.double.whammy.of.currency.weakness.and.a.sharp.reversal.in.investor.appetite.for.emerging.market.risk..Fixed.income.markets.also.experienced.an.increase.in.volatility,.although.returns.for.the.period.for.both.the.US.dollar.and.sterling.reference.benchmark.government.1.–.10.yr.indices.were.only.slightly.negative.despite.the.rising.interest.rate.environment.in.the.US.

The.Global.Balanced.Fund.posted.a.decent.positive.return.for.the.period.in.both.currency.classes,.with.returns.more.or.less.matching.the.composite.benchmark.

Given.the.pick-up.in.volatility.both.in.financial.markets.and.our.fundamental.indicators,.we.have.been.more.active.than.normal.in.our.tactical.asset.allocation.policy..We.began.the.period.with.a.maximum.overweight.to.equities.and.a.bias.to.emerging.markets..We.cut.the.equity.weighting.to.neutral.and.removed.the.emerging.market.exposure.as.market.volatility.increased.and.our.lead.indicators.showed.signs.of.deterioration..Our.indicators.then.improved.in.July.and.we..re-introduced.the.overweight.equity.exposure.however.this.was.then.reversed.as.conditions.once.again.deteriorated...Our.tactical.asset.allocation.process.is.designed.to.respond.to.changing.fundamentals.in.this.way.and.while.we..may.be.more.active.during.periods.of.flux,.we.believe.the.long-term.benefits.of.having.an.objective,.flexible.process..are.compelling.

In.terms.of.performance.attribution,.the.tactical.asset.allocation.policy.has.been.a.positive.contributor.to.performance.since.its.initiation.in.June.2017,.with.the.initial.overweight.exposure.to.equities.adding.value,.while.in.recent.market.conditions.the.contribution.has.been.broadly.neutral..The.attribution.from.the.underlying.managers.in.the.long-term.strategic.allocations.varied.for.the.different.currency.classes..


11


MULTI MANAGER GLOBAL BALANCED FUNDS (CONTINUED)


In.the.US.dollar.currency.class,.there.was.strong.outperformance.from.the.thematic.equity.holdings,.with.the.technology,.healthcare,.US.Financials.and.global.energy.holdings.all.outperforming..The.fixed.income.allocation.also.outperformed.strongly,.with.our.managers.in.aggregate.posting.a.small.gain.while.the.benchmark.index.dropped.-1.2%,.with.our.preference.for.short.interest.rate.duration.and.high.quality.credit.adding.value.in.a.rising.rate.environment...This.outperformance.was.offset.by.underperformance.from.the.regional.US.equity.managers.where.there.was.a.huge.divergence.in.the.returns.from.the.various.investment.styles..Large.cap.equity.growth.strategies.performed.well,.however.value.strategies.had.another.very.difficult.year..Small-cap.strategies.moderately.underperformed.despite.the.fundamental.tailwinds.of.lower.corporate.tax.rates,.strong.domestic.growth.and.some.deregulation,.which.has.been.a.significant.boost.for.earnings.but.so.far.this.has.not.been.reflected.in.share.price.performance..Nevertheless,.we.remain.committed.to.our.strategy.to.blend.growth,.value.and.small.cap.strategies.which.we.believe.will.outperform.over.a.normal.cycle.

In.the.sterling.share.class,.there.was.similar.outperformance.from.the.thematic.equity.holdings,.while.the.fixed.income.and.UK.regional.equity.allocations.both.moderately.underperformed..The.UK.equity.market.sentiment.continues.to.be.driven.primarily.on.Brexit.related.news.flow,.with.large.cap.companies.with.foreign.currency.revenues.performing.well..on.hard.Brexit./.no.deal.news.days.and.domestic.companies.faring.better.on.soft.Brexit.news.days..We.observe.that.most.global.equity.managers.have.very.little.UK.equity.exposure.and.from.speaking.with.peers.we.understand.that..UK.equities.are.being.avoided.for.the.most.part.ahead.of.the.March.exit.date..UK.equities.are.therefore.trading.on.fairly.attractive.valuation.metrics.and.there.could.be.considerable.upside.potential.once.the.uncertainty.of.Brexit.is.behind.us.

Forward thinking

At.our.most.recent.asset.allocation.meeting,.a.decision.was.made.to.maintain.a.neutral.exposure.to.global.equities,.whilst.our.core.themes.and.geographic.positioning.also.remain.unchanged..We.acknowledge.that.so.far.this.year,.our.multi-style.and.multi-cap.approach.has.underperformed.a.purely.growth.style.approach,.but.feel.strongly.that.this.trend.cannot.continue.indefinitely.and,.as.such,.we.are.likely.to.diversify.further.as.valuations.on.growth.strategies,.particularly.in.the.US,.become.stretched.even.more.

The.end.of.an.equity.bull.market.is.typically.associated.with.a.peak.in.M&A.activity,.high.degrees.of.leverage,.an.inverted.yield.curve,.negative.EPS.revisions.and.peaking.inflation,.none.of.which.are.evident.at.the.moment..Earnings.remain.well.supported,.inflation.appears.to.be.relatively.contained.(although.edging.higher),.M&A.activity.is.not.as.leveraged.as.in.the.past.and.Government.bond.yield.curves.have.not.yet.inverted,.which.has.been.a.reliable.leading.indicator.of.recessions.over.the.past.50.years.and.is.therefore.often.referred.to.when.an.equity.bull.market.appears.to.be.approaching.the.end.of.its.cycle..This.does.not.appear.to.be.the.case.at.present,.although.valuations.are.rather..stretched,.hence.our.neutral.weighting...


12


MULTI MANAGER ABSOLUTE RETURN FUNDS


The.Fund.seeks.to.generate.positive.returns.that.are.independent.of.market.cycles,.by.targeting.enhanced.return.opportunities.through.a.diversified.range.of.investment.strategies..These.seek.to.provide,.either.a.regular.reliable.income.stream,.or.inflation-protected.returns,.where.the.prime.investment.objective.is.to.preserve.the.real.value.of.capital.

The.principal.investment.policy.of.each.class.will.be.to.invest.in.a.diversified.blend.of.single.manager.funds.(OIECs),.Absolute.Return.Fixed.Income.funds.(UCITS),.investible.indices,.exchange.tradable.securities,.forward.foreign.exchange.contracts.and.cash.positions.

QUANTITATIVE ANALYSIS

US Dollar Class

The.‘C’.Share.Class.return.for.the.period.was.-1.98%.and.the.‘X’.Share.Class.return.was.-1.40%..The.Funds.benchmark.is.US.CPI.which.returned.+2.70%.over.the.period.

Sterling Class

The.‘C’.Share.Class.return.for.the.period.was.-2.51%.and.the.‘X’.Share.Class.return.was.-1.88%..The.Funds.benchmark.is.UK.CPI.which.returned.+2.60%.over.the.period.

Commentary

Over.the.year.both.currency.classes.of.the.fund.lagged.their.benchmark.returns.as.volatility.started.to.pick.up.across.global.markets,.both.in.fixed.income.and.equities,.and.the.much.talked.about.return.of.inflation.started.to.make.its.presence.felt.(directly.impacting.the.fund’s.benchmark)..Political.rhetoric.and.macroeconomic.concerns.took.center.stage.in.an.environment.where.the.big.picture.issues.overrode.many.issue.specific.positives.and,.in.some.cases,.broader.economic.fundamentals.

Janet.Yellen.was.replaced.at.the.Federal.Reserve,.by.Jerome.Powell,.which.was.seen.by.most.market.commentators.as.effectively.signaling.more.of.the.same,.and.this.continuity.was.born.out.as.the.Fed.continued.to.raise.rates.throughout.the.year.in-line.with.their.previously.announced.schedule..This.brings.US.rate.rises.to.3.during.the.year.so.far,.and.8.during.this.raising.cycle,.with.the.only.shock.appearing.to.be.the.adoption.of.slightly.more.hawkish.language.towards..the.end.of.the.final.quarter..

As.a.result.of.the.rate.rises.the.yield.on.the.US.10.year.Treasury.increased.from.2.34%.to.3.06%,.and.the.2.year.yield.rose.from.1.49%.to.2.82%..This.yield.curve.flattening.brought.much.talk.of.yield.curve.inversion.and.its.historic.position.as.a.predictor.of.imminent.US.recessions..To.date.this.does.not.appear.to.be.the.case,.as.fiscal.stimulus,.in.the.form.of.corporate.tax.cuts,.has.largely.offset.the.monetary.tightening.

The.UK.markets.appear.to.remain.under.the.overhang.of.the.ongoing.Brexit.negotiations,.with.the.currency.taking.much.of.the.strain..We.would.expect.these.gyrations.to.continue.as.the.negotiations.reach.a.fever.pitch.ahead.of.the.fixed.Brexit.date.(29.March.2019)..The.Bank.of.England.has.raised.UK.base.rates.twice.during.the.year,.the.first.rises.in.a.decade,.and.although.the.first.rise.was.largely.seen.as.a.straightforward.reversal.of.the.post-Brexit.vote.cut,.the.second.rise.was.seen.as.possibly.the.first.in.a.series.of.“gradual.and.limited”.rate.rises..

In.June.Mario.Draghi.signaled.an.end.to.quantitative.easing.in.Europe.by.the.end.of.2018,.although.this.was.qualified.as.being.data.dependent.and.there.is.no.expectation.that.interest.rates.will.begin.to.rise.before.the.summer.of.2019..The.ECB.has.revised.up.its.inflation.forecasts.to.1.7%.for.2018,.2019.and.2020.against.GDP.growth.figures.of.2.1%,.1.9%..and.1.7%.respectively..The.impact.of.Italy’s.populist.election.and.austerity-busting.budget.on.these.estimates.has..yet.to.be.seen..


13


MULTI MANAGER ABSOLUTE RETURN FUNDS (CONTINUED)


The.biggest.casualty.of.the.year.was.the.emerging.markets.where,.having.started.the.year.strongly,.the.narrative.turned.as.Trump’s.trade.wars.moved.from.inconsequential.headline.grabbing.to.more.meaningful.in.size.and.scope..China.was.the.initial.target.of.trade.tariffs.but.the.potential.for.the.tariffs.to.escalate.in.to.a.full.trade.war,.combined.with.market.specific.issues.in.a.small.number.of.countries.that.are.peripheral.even.by.emerging.market.standards,.turned.sentiment.against.the.region.despite.continuing.economic.strength.in.many.of.the.markets..This.turn.in.sentiment,.combined.with.a.strong.dollar.and.rising.US.rates,.precipitated.a.repatriation.trade.with.US.investors.taking.profits.and.pulling.their.investments.closer.to.home.

Within.the.fund.our.global.macro.strategies,.despite.meeting.their.volatility.targets.and.maintaining.low.levels.of.correlation.to.traditional.equity.and.fixed.income.markets,.were.generally.mildly.negative.over.the.year..The.exception.to.this.was.the.H2O.Multi-returns.strategy.which.was.positive.overall,.despite.having.two.negative.quarters.over.the.year.

Our.inflation.linked.strategies.produced.positive.returns.over.the.year,.as.did.our.allocation.to.global.convertibles.managers..Credit.strategies.were.mixed.as.spreads.generally.widened.out.through.the.year..The.largest.drag.to.performance.came.from.the.fund’s.exposure.to.emerging.market.assets,.both.in.the.form.of.debt.and.currencies..Having.provided.strong.returns.at.the.start.of.the.year.emerging.markets.started.to.turn.during.the.first.quarter.of.2018..Initially.this.appeared.to.be.largely.sentiment.driven,.prompted.by.trade.tariffs.emanating.from.the.US,.but.then.gathered.pace.as.international.investors.took.advantage.of.continuing.US.Dollar.strength.to.repatriate.funds..The.outflows.have.now.reached.the.point.where.many.commentators.believe.that.currencies.and.local.currency.debt,.in.select.markets,.are.oversold.and.represent.compelling.value..However,.this.does.not.mean.that.they.cannot.get.cheaper.before.we.see.wider.recognition.of.the.value.on.offer.

Forward thinking

Following.the.removal.of.the.fund’s.authorisation.for.retail.distribution.in.South.Africa,.the.investment.universe.available.for.the.management.of.the.Absolute.Return.Strategy.is.now.significantly.less.constrained..As.a.result.the.IFS.team.are.undertaking.a.study.on.the.best.way.to.construct.the.portfolio.to.ensure.that.the.fund’s.aims.are.met.consistently.going.forward..This.is.not.intended.to.represent.a.significant.departure.from.the.historic.risk./.return.characteristics.of.the.strategy.but.rather.to.ensure.diversification.going.forward..

To.date.our.underlying.managers.maintain.conviction.in.their.emerging.market.exposures,.believing.they.represent.good.long-term.value..We.are.conscious.that.political.overhangs.may.serve.to.dampen.any.immediate.prospects.of.a.bounce.back,.but.are.willing.to.defer.to.the.experience.of.our.specialist.managers.for.the.time.being.


14


MULTI MANAGER GLOBAL TACTICAL ASSET ALLOCATION FUNDS


To.provide.long-term.capital.growth.through.investing.in.a.range.of.asset.classes.including.international.and.regional.developed.and.emerging.market.equities.together.with.fixed.income,.and.cash..The.Fund.is.an.unconstrained.multi.asset.global.investment.solution.with.the.flexibility.to.meaningfully.allocate.to.the.most.attractive.asset.classes.

The.dynamic.nature.of.the.strategy.means.that.the.Fund.can.allocate.fully.to.equities,.fixed.income.or.cash,.with.the.tactical.weightings.determined.to.suit.prevailing.market.conditions.based.on.fundamental.research,.market.sentiment.and.momentum.and.valuation.analysis..The.Fund.will.invest.in.index.tracking.exchange.traded.funds,.actively.managed.funds.and.cash..

Quantitative Analysis

The.Multi.Manager.Global.Tactical.Asset.Allocation.Classes.were.launched.at.the.end.of.June.2018.and.the.period.under.review.therefore.covers.June.to.September.2018.

US Dollar Class

For.the.period.under.review;.the.‘X’.Share.Class.return.was.0.22%..The.Fund’s.benchmark.is.composed.of.30%.FTSE.All.World.Total.Return.Net.Index.in.US.dollars,.20%.FTSE.USA.Total.Return.Net.Index.in.US.dollars.and.50%.Bloomberg/EFFAS.Bond.Indices.US.Government.1.–.10.Year.Index..The.benchmark.return.was.2.67%.for.the.period.

Sterling Class

For.the.period.under.review;.the.‘X’.Share.Class.return.was.0.80%..The.Fund’s.benchmark.is.composed.of.30%.FTSE.All.World.Total.Return.Net.Index.in.sterling,.20%.FTSE.UK.Total.Return.Net.Index.in.sterling.and.50%.Bloomberg/EFFAS.Bond.Indices.UK.Government.1.–.10.Year.Index..The.benchmark.return.was.1.32%.for.the.period.

Commentary

The.Global.Tactical.Asset.Allocation.Classes.were.successfully.launched.at.the.end.of.June.2018.and.as.at.the.end.of.the.reporting.period.the.US.dollar.class.had.raised.assets.totalling.$16.1.million,.while.the.sterling.class.raised.£21.7.million.

Financial.markets.have.been.volatile.since.the.launch.of.the.new.Fund.Classes..The.Fund.employs.a.dynamic.and.flexible.strategy.investing.in.equities,.fixed.income.and.cash.in.an.unconstrained.manner..The.investment.process.is.underpinned.by.our.proprietary.Tactical.Asset.Overlay.model.which.gives.an.objective.overview.of.market.fundamentals.and.technical.analysis..The.model.assists.the.Asset.Allocation.Committee.to.set.investment.policy.based.on.the.evolution.of.underlying.fundamentals.and.market.trends..The.process.is.not.well.suited.to.periods.where.markets.are.driven..by.sentiment.and.news.flow,.such.as.the.period.under.review.where.both.fundamentals.and.market.sentiment.have..been.volatile.

Over.the.quarter.both.currency.classes.of.the.Fund.lagged.benchmark.returns,.with.a.2.45%.underperformance.in.the.USD.class.and.0.52%.in.the.GBP.class..This.degree.of.underperformance.is.within.expectations.for.this.strategy.given.the.unconstrained.mandate.and.unfavourable.market.backdrop..On.an.attribution.basis,.the.main.drivers.of.the.underperformance.were.the.higher.than.normal.expense.ratio.applied.to.the.small.seed.investment.during.the.initial.setup.period.of.the.fund.and.the.investment.policy.in.August.which.was.to.fully.allocate.to.equity.markets.including.a.20%.exposure.to.emerging.markets,.which.subsequently.sold.off.following.the.escalation.of.the.US.trade.war.rhetoric.

Despite.this.period.of.underperformance.we.remain.fully.committed.to.our.asset.allocation.process,.making.meaningful.allocation.calls.based.on.an.objective.view.of.prevailing.market.conditions.


15


MULTI MANAGER GLOBAL TACTICAL ASSET ALLOCATION FUNDS (CONTINUED)

Forward thinking

At.the.October.asset.allocation.meeting.the.investment.policy.was.held.at.the.neutral.weighting.to.equity.markets..with.a.bias.towards.the.US.via.the.S&P.500.in.the.US.dollar.class.and.developed.markets.(ex-UK).in.the.sterling.class...We.are.also.cognisant.that.our.short-term.tactical.indicators.are.at.odds.with.our.long-term.asset.class.implied.returns.and.relative.value.expectations,.however.the.basis.of.the.tactical.asset.allocation.process.is.that.in.the.short-term.markets.tend.to.be.driven.by.changes.in.fundamentals.and.prevailing.market.trends.rather.than.valuation.or.long-term.growth.assumptions.

We.are.also.reviewing.the.replication.strategy.for.the.developed.market.(ex.UK./.US).equity.allocation.within.the.two.currency.classes.of.the.fund..These.are.currently.constructed.using.regional.ETFs.due.to.the.lack.of.investable.products.that.cover.the.benchmark.allocations.(FTSE.World.ex.US.and.FTSE.World.ex.UK)..These.regional.ETFs.are.weighted.in.such.a.way.as.to.give.optimal.correlations.to.the.benchmarks.however.they.are.not.full.replications.of.the.benchmarks.due.to.liquidity.and.expense.factors..We.are.in.contact.with.various.ETF.providers.to.explore.the.possibility.of.launching.World.ex-US.and.World.ex-UK.products.that.will.offer.a.more.precise.and.simplified.solution..There.is.also.a.focus.on.incrementally.improving.execution,.with.the.aim.of.minimising.variation.from.the.desired.exposure.

However,.putting.these.areas.of.improvement.to.one.side,.there.is.currently.no.plan.to.significantly.alter.the.investment.process.behind.the.Tactical.Asset.Allocation.Fund.and.it.will.continue.to.reflect.our.objective.appraisal.of.market.conditions.on.a.month.by.month.basis.

Standard Bank International Investments Limited

Investment Manager

9 November 2018

.


16

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF STANDARD BANK INTERNATIONAL FUNDS LIMITED

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

In.our.opinion,.Standard.Bank.International.Funds.Limited’s.financial.statements.(the.“financial.statements”):

•. give.a.true.and.fair.view.of.the.state.of.the.company’s.affairs.as.at.30.September.2018.and.of.its.profit/(loss).for.the.year.then.ended;

•. have.been.properly.prepared.in.accordance.with.United.Kingdom.Generally.Accepted.Accounting.Practice.(United.Kingdom.Accounting.Standards,.comprising.FRS.102.“The.Financial.Reporting.Standard.applicable.in.the.UK.and.Republic.of.Ireland”,.and.applicable.law);.and

•. have.been.prepared.in.accordance.with.the.requirements.of.the.Companies.(Jersey).Law.1991.

We.have.audited.the.financial.statements,.included.within.the.Annual.Report.and.Audited.Financial.Statements.(the.“Annual.Report”),.which.comprise:.the.Statements.of.Financial.Position.as.at.30.September.2018;.the.Statements.of.Comprehensive.Income,.and.the.Statements.of.Changes.in.Net.Assets.Attributable.to.Holders.of.Redeemable.Shares;.and.the.notes.to.the.financial.statements,.which.include.a.description.of.the.significant.accounting.policies..

Basis for opinion

We.conducted.our.audit.in.accordance.with.International.Standards.on.Auditing.(Ireland).(“ISAs.(Ireland)”).and.applicable.law..Our.responsibilities.under.ISAs.(Ireland).are.further.described.in.the.Auditors’.responsibilities.for.the.audit.of.the.financial.statements.section.of.our.report..We.believe.that.the.audit.evidence.we.have.obtained.is.sufficient.and.appropriate.to.provide.a.basis.for.our.opinion.

Independence

We.remained.independent.of.the.company.in.accordance.with.the.ethical.requirements.that.are.relevant.to.our.audit.of.the.financial.statements.in.Ireland,.which.includes.IAASA’s.Ethical.Standard,.and.we.have.fulfilled.our.other.ethical.responsibilities.in.accordance.with.these.requirements.

Conclusions relating to going concern

We.have.nothing.to.report.in.respect.of.the.following.matters.in.relation.to.which.ISAs.(Ireland).require.us.to.report..to.you.when:.

•. the.directors’.use.of.the.going.concern.basis.of.accounting.in.the.preparation.of.the.financial.statements.is.not.appropriate;.or.

•. the.directors.have.not.disclosed.in.the.financial.statements.any.identified.material.uncertainties.that.may.cast.significant.doubt.about.the.company’s.ability.to.continue.to.adopt.the.going.concern.basis.of.accounting.for.a.period.of.at.least.twelve.months.from.the.date.when.the.financial.statements.are.authorised.for.issue.

However,.because.not.all.future.events.or.conditions.can.be.predicted,.this.statement.is.not.a.guarantee.as.to.the.company’s.ability.to.continue.as.a.going.concern.

Reporting on other information

The.other.information.comprises.all.of.the.information.in.the.Annual.Report.other.than.the.financial.statements.and.our.auditors’.report.thereon..The.directors.are.responsible.for.the.other.information..Our.opinion.on.the.financial.statements.does.not.cover.the.other.information.and,.accordingly,.we.do.not.express.an.audit.opinion.or.any.form.of.assurance.thereon..

In.connection.with.our.audit.of.the.financial.statements,.our.responsibility.is.to.read.the.other.information.and,.in.doing.so,.consider.whether.the.other.information.is.materially.inconsistent.with.the.financial.statements.or.our.knowledge.obtained.in.the.audit,.or.otherwise.appears.to.be.materially.misstated..If.we.identify.an.apparent.material.inconsistency.or.material.misstatement,.we.are.required.to.perform.procedures.to.conclude.whether.there.is.a.material.misstatement.of.the.financial.statements.or.a.material.misstatement.of.the.other.information..If,.based.on.the.work.we.have.performed,.we.conclude.that.there.is.a.material.misstatement.of.this.other.information,.we.are.required.to.report.that.fact..We.have.nothing.to.report.based.on.these.responsibilities.


17

RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS AND THE AUDIT

RESPONSIBILITIES OF THE DIRECTORS FOR THE FINANCIAL STATEMENTS

As.explained.more.fully.in.the.Statement.of.Directors’.Responsibilities.set.out.on.page.5,.the.directors.are.responsible.for.the.preparation.of.the.financial.statements.in.accordance.with.the.applicable.framework.and.for.being.satisfied.that.they.give.a.true.and.fair.view..The.directors.are.also.responsible.for.such.internal.control.as.they.determine.is.necessary.to.enable.the.preparation.of.financial.statements.that.are.free.from.material.misstatement,.whether.due.to.fraud.or.error.

In.preparing.the.financial.statements,.the.directors.are.responsible.for.assessing.the.company’s.ability.to.continue.as.a.going.concern,.disclosing.as.applicable,.matters.related.to.going.concern.and.using.the.going.concern.basis.of.accounting.unless.the.directors.either.intend.to.liquidate.the.company.or.to.cease.operations,.or.have.no.realistic.alternative.but.to.do.so.

Auditors’ responsibilities for the audit of the financial statements

Our.objectives.are.to.obtain.reasonable.assurance.about.whether.the.financial.statements.as.a.whole.are.free.from.material.misstatement,.whether.due.to.fraud.or.error,.and.to.issue.an.auditors’.report.that.includes.our.opinion..Reasonable.assurance.is.a.high.level.of.assurance,.but.is.not.a.guarantee.that.an.audit.conducted.in.accordance.with.ISAs.(Ireland).will.always.detect.a.material.misstatement.when.it.exists..Misstatements.can.arise.from.fraud.or.error.and.are.considered.material.if,.individually.or.in.the.aggregate,.they.could.reasonably.be.expected.to.influence.the.economic.decisions.of.users.taken.on.the.basis.of.these.financial.statements..

A.further.description.of.our.responsibilities.for.the.audit.of.the.financial.statements.is.located.on.the.Irish.Auditing.and.Accounting.Supervisory.Authority.website.at:.https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf

This.description.forms.part.of.our.auditors’.report.

Use of this report

This.report,.including.the.opinions,.has.been.prepared.for.and.only.for.the.company’s.members.as.a.body.in.accordance.with.Article.113A.of.the.Companies.(Jersey).Law.1991.and.for.no.other.purpose..We.do.not,.in.giving.these.opinions,.accept.or.assume.responsibility.for.any.other.purpose.or.to.any.other.person.to.whom.this.report.is.shown.or.into..whose.hands.it.may.come.save.where.expressly.agreed.by.our.prior.consent.in.writing.

OTHER REQUIRED REPORTING

Companies.(Jersey).Law.1991.exception.reporting

Under.the.Companies.(Jersey).Law.1991.we.are.required.to.report.to.you.if,.in.our.opinion:

•. we.have.not.received.all.the.information.and.explanations.we.require.for.our.audit;.or

•. proper.accounting.records.have.not.been.kept;.or.

•. proper.returns.adequate.for.our.audit.have.not.been.received.from.branches.not.visited.by.us;.or

•. the.financial.statements.are.not.in.agreement.with.the.accounting.records..

We.have.no.exceptions.to.report.arising.from.this.responsibility..

For and on behalf of PricewaterhouseCoopers

Chartered Accountants

Dublin

9 January 2019

18


STATEMENTS OF FINANCIAL POSITION As at 30 September 2017 (Comparitives as at 30 September 2017)

Multi Manager Global Equity Fund (USD)

Multi Manager Global Equity Fund (GBP)

Multi Manager Global Balanced Fund (USD)

30 September 2018

30 September 2017

30 September 2018

30 September 2017

30 September 2018

30 September 2017

Notes USD USD GBP GBP USD USD

Assets

Financial.assets.at.fair.value.through.profit.or.loss 2(b),.8.3 63,247,283 58.226,382 74,956,992 80,207,163 13,674,785 11,515,054

Cash.and.cash.equivalents 2(c) 218,763 390,646 343,919 343,279 255,057 465,123

Receivable.for.shares.sold 2(f) 3,324 – 8,831 1,006 24,486 17,875

Income.receivable 19,188 538 – – 3,680 20,081

Receivable.for.investments.sold – 391,245 – 516,982 – –

Total assets 63,488,558 58,617,566 75,309,742 80,551,448 13,958,008 12,018,133

Liabilities

Payable.for.investments.purchased 2(k) – 80,499 100,000 70,000 – 40,000

Payable.for.shares.redeemed 2(f) 65,500 – 15,000 – – 10,004

Management.fees.payable 2(g) 33,982 43,443 54,847 73,793 4,821 10,008

Administration.fees.payable 2(g) 10,666 13,749 12,634 19,015 2,349 2,790

Custodian.fees.payable 2(g) 1,604 1,551 1,524 1,617 384 397

Sub-Custodian.fees.payable 2(g) 1,680 4,513 1,904 1,608 476 745

Director.fees.payable 2(g) 3,095 2,512 3,799 4,277 643 683

Audit.fees.payable 2(g) 5,084 4,367 6,759 7,399 1,071 907

Other.payables 2,362 1,948 2,823 3,071 518 486

Total liabilities 123,973 152,582 199,290 180,780 10,262 66,020

Net assets attributable to holders of redeemable shares

63,364,585 58,464,984 75,110,452 80,370,668 13,947,746 11,952,113

Net asset value per share class

Class.A.Shares 10 14.45 13.47 22.04 20.34 12.98 12.33

Class.B.Shares 10 14.92 13.87 15.82 14.55 12.22 11.58

Class.C.Shares 10 12.21 11.31 11.90 10.92 11.21 10.59

Class.X.Shares 10 12.02 11.07 11.45 10.43 10.67 10.02The.notes.on.pages.25.to.46.form.an.integral.part.of.these.financial.statements.



Multi Manager Global

Balanced Fund (GBP)


ReturnFund (USD)


Retur Fund (GBP)

30 September 2018

30 September 2017

30 September 2018

30 September 2017

30 September 2018

30 September 2017

Notes GBP GBP USD USD GBP GBP

Assets

Financial.assets.at.fair.value.through.profit.or.loss 2(b),.8.3 10,980,453 9,450,096 32,341,355 34,589,757 35,073,816 35,877,115

Cash.and.cash.equivalents 2(c) 460,031 367,381 2,040,590 819,984 2,391,972 2,364,160

Unrealised.gain.on.forward.foreign.currency.contracts 8.5 – – 30,420 – – 1,936

Income.receivable – 15,385 – – – 19,289

Total assets 11,440,484 9,832,862 34,412,365 35,409,741 37,575,789 38,262,500

Liabilities

Unrealised.loss.on.forward.foreign.currency.contracts 8.5 – – – 5,801 5,328 –

Payable.for.investments.purchased 2(k) – 21,180 – – – 160,250

Payable.for.shares.redeemed 2(f) 10,500 1,949 – – 89,924 –

Management.fees.payable 2(g) 4,829 8,507 9,777 13,284 11,834 17,301

Administration.fees.payable 2(g) 1,908 2,336 5,782 7,037 6,314 7,551

Custodian.fees.payable 2(g) 240 249 927 993 954 1,000

Sub-Custodian.fees.payable 2(g) 448 1,316 672 5,379 672 2,808

Director.fees.payable 2(g) 491 528 2,000 1,911 1,939 2,038

Audit.fees.payable 2(g) 854 1,388 3,297 2,791 3,309 3,745

Other.payables 415 381 1,422 1,375 1,393 1,455

Total liabilities 19,685 37,834 23,877 38,571 121,667 196,148

Net.assets.attributable.to.holders.of..redeemable.shares

11,420,799 9,795,028 34,388,488 35,371,170 37,454,122 38,066,352


Class.A.Shares 10 13.86 13.25 – – – –

Class.B.Shares 10 12.48 11.90 – – – –

Class.C.Shares 10 10.98 10.44 9.53 9.72 10.88 11.16

Class.X.Shares 10 10.45 9.87 10.16 10.30 9.93 10.12

The.notes.on.pages.25.to.46.form.an.integral.part.of.these.financial.statements19

20



Multi Manager Global Tactical Asset

Allocation Fund (USD)*

Multi ManagerGlobal Tactical Asset

Allocation Fund (GBP)*

30 September 2018

30 September 2017

30 September 2018

30 September 2017

Notes USD USD GBP GBP

Assets

Financial.assets.at.fair.value.through.profit.or.loss 2(b),.8.3 15,938,059 – 21,498,916 –

Cash.and.cash.equivalents 2(c) 179,067 – 200,307 –

Income.receivable 12,976 – – –

Total assets 16,130,102 – 21,699,223 –

Liabilities

Payable.for.shares.redeemed 2(f) – – 4,000 –

Administration.fees.payable 2(g) 2,466 – 3,320 –

Custodian.fees.payable 2(g) 439 – 580 –

Sub-Custodian.fees.payable 2(g) 364 – 280 –

Director.fees.payable 2(g) 92 – 92 –

Audit.fees.payable 2(g) 92 – 92 –

Other.payables 2,491 – 2,200 –

Total liabilities 5,944 – 10,564 –

Net assets attributable to holders of redeemable shares 16,124,158 – 21,688,659 –


Class.X.Shares 10 10.02 – 10.08 –

*Class.Fund.launched.on.29.June.2018.

The.Financial.statements.were.approved.by.the.board.on.9.January.2019.and.signed.on.behalf.by:

Director

The.notes.on.pages.25.to.46.form.an.integral.part.of.these.financial.statements..

21


STATEMENTS OF COMPREHENSIVE INCOME For.the.year.1.October.2017.to.30.September.2018.(Comparatives are for the year 1 October 2016 to 30 September 2017)

Multi Manager GlobalEquity Fund (USD)

Multi Manager GlobalEquity Fund (GBP)

Multi Manager GlobalBalanced Fund (USD)

30 September 2018

30 September 2017

30 September 208

30 September 2017

30 September 2018

30 September 2018


Income

Dividend.income 2(d) 71,970 36,988 126,367 106,805 117,450 135,095

Deposit.income 2(d) 1,592 61 237 5 1,657 118

Net.gain.on.financial.assets.at.fair.value.through.profit.or.loss 3 625,009 983,797 1,603,370 757,059 1,299,095 1,194,450

Total net gain 5,484,825 10,355,261 7,822,492 12,435,331 839,769 1,110,839

Expenses

Management.fees 2(g) 495,226 643,178 793,708 953,767 58,513 140,354

Custodian.fees 2(g) 20,882 19,061 20,230 19,949 4,987 4,987

Sub-Custodian.fees 2(g) 17,143 17,581 24,859 24,958 6,073 4,277

Administration.fees 2(g) 176,954 125,430 221,516 174,586 36,312 26,666

Directors’.fees 2(g) 11,935 11,612 15,880 15,975 2,525 2,413

Audit.fees 2(g) 5,084 4,712 6,759 6,497 1,071 890

Sundry.expenses 9,282 9,330 11,851 12,761 1,977 2,946

Total.operating.expenses 736,506 830,904 1,094,803 1,208,493 111,458 182,533

Net.income.before.finance.costs 4,748,319 9,524,357 6,727,689 11,226,838 728,311 928,306

Finance Cost

Bank.Interest 2(d) (3) (11) (1) (125) (1) –

Total.Finance.Cost (3) (11) (1) (125) (1) –

Taxation 5 (10,981) (3,457) (13,648) (4,837) (1,228) (7,291)

Increase.in.net.assets.attributable.to.holders.of.redeemable.shares.from.investment.activities

4,737,335 9,520,889 6,714,040 11,221,876 727,082 921,015

All.of.the.above.results.are.from.continuing.operations..There.are.no.recognised.gains.or.losses.for.the.year.other.than.those.set.out.in.the.Statement.of.Comprehensive.Income...There.are.no.differences.between.the.results.above.and.those.under.historical.cost.

The.notes.on.pages.25.to.46.form.an.integral.part.of.these.financial.statements.

22


STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED) (Comparatives are for the year 1 October 2016 to 30 September 2017)

Multi Manager GlobalBalanced Fund (GBP)

Multi Manager GlobalReturn Fund (USD)

Multi Manager GlobalBalanced Fund (GBP)

30 September 2018

30 September 2017

30 September 2018

30 September 2017

30 September 2018

30 September 2017


Income

Dividend.income 2(d) 95,842 162,865 123,263 72,704 106,166 208,065

Deposit.income 2(d) 40 – 3,841 514 182 5

Net.gain/(loss).on.financial.assets.at.fair.value.through.profit.or.loss

3 527,203 625,009 (573,057) 1,603,370 (694,770) 1,299,095

Total net gain/(loss) 623,085 787,874 (445,953) 1,676,588 (588,422) 1,507,165

Expenses

Management.fees 2(g) 54,001 117,090 160,794 210,543 183,771 235,869

Custodian.fees 2(g) 3,119 3,119 13,767 12,201 12,612 12,719

Sub-Custodian.fees 2(g) 5,214 5,945 4,190 14,060 7,129 12,640

Administration.fees 2(g) 28,766 21,812 94,779 63,770 92,625 67,975

Directors’.fees 2(g) 2,002 1,983 7,748 7,701 7,766 7,747

Audit.fees 2(g) 854 798 3,297 3,142 3,310 3,151

Sundry.expenses 1,557 1,620 5,866 8,175 5,745 7,863

Total operating expenses 95,513 152,367 290,441 319,592 312,958 347,964

Net income/(expense) before finance costs 527,572 635,507 (736,394) 1,356,996 (901,380) 1,159,20

Finance Cost

Bank.Interest 2(d) – – (1,495) – (1,525) –

Total Finance Cost – – (1,495) – (1,525) –

Taxation 5 (40) (8,778) (36,979) (15,197) (1,900) (11,344)

Increase/(Decrease).in.net.assets.attributable.to.holders.of.redeemable.shares.from.investment.activities

527,532 626,729 (774,868) 1,341,799 (904,805) 1,147,857


The.notes.on.pages.25.to.46.form.an.integral.part.of.these.financial.statements..

23


STATEMENTS OF COMPREHENSIVE INCOME (CONTINUED) (Comparatives are for the year 1 October 2016 to 30 September 2017)





30.September.2018

30.September.2017

30.September.2018

30.September.2017


Dividend.income 2(d) 79,256 – 20,386 –

Deposit.income 2(d) 4,547 – 17 –

Net.(loss)/gain.on.financial.assets.at.fair.value.through.profit.or.loss

3 (29,391) – 189,645 –

Total net gain 54,412 – 210,048 –

Expenses

Custodian.fees 2(g) 1,416 – 1,814 –

Sub-Custodian.fees 2(g) 1,062 – 1,638 –

Administration.fees 2(g) 7,335 – 10,016 –

Directors’.fees 2(g) 92 – 92 –

Audit.fees 2(g) 92 – 92 –

Sundry.expenses 2,491 – 2,200 –

Total.operating.expenses 12,488 – 15,852 –

Net income before finance costs 41,924 – 194,196 –

Finance.Cost:

Bank.Interest 2(d) – – – –

Total.Finance.Cost – – – –

Taxation 5 (3,244) – (1,087) –

Increase.in.net.assets.attributable.to.holders.of.redeemable.shares.from.investment.activities

38,680 – 193,109 –




24


STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For.the.year.1.October.2017.to.30.September.2018..(Comparatives are for the year 1 October 2016 to 30 September 2017)




30 September 2018

30 September 2017

30 September 2018

30 September 2017

30 September 2018

30 September 2017


Income

Net.assets.attributable.to.holders.of.redeemable.shares.at.the.beginning.of.the.year

58,464,984 58,043,715 80,370,668 71,596,270 11,952,113 10,916,095

Proceeds.from.the.issue.of.shares 6 21,207,678 21,119,268 18,845,146 5,927,409 9,005,831 3,564,906

Payments.on.the.redemption.of.shares 6 (21,045,412) (30,218,888) (30,819,402) (8,374,887) (7,737,280) (3,449,903)

Increase.in.net.assets.attributable.to.holders.of.redeemable.shares.from.operations

4,737,335 9,520,889 6,714,040 11,221,876 727,082 921,015

Net assets attributable to holders of redeemable shares at the end of the year

63,364,585 58,464,984 75,110,452 80,370,668 13,947,746 11,952,113

Multi Manager Global Balanced Fund (GBP)

Multi Manager Absolute Return Fund (USD)

Return Fund (USD) Return Fund (GBP)

30 September 2018

30 September 2017

30 September 2018

30 September 2017

30 September 2018

30 September 2017


Net assets attributable to holders of redeemable shares at the beginning of the year

9,795,028 9,392,871 35,371,170 37,092,204 38,066,352 35,719,739

Proceeds.from.the.issue.of.shares 6 8,094,076 1,734,067 11,005,051 10,703,853 12,839,138 8,966,284

Payments.on.the.redemption.of.shares 6 (6,995,837) (1,958,639) (11,212,865) (13,766,686) (12,546,563) (7,767,528

Increase/(Decrease).in.net.assets.attributable.to.holders.of.redeemable.shares.from.operations

527,532 626,729 (774,868) 1,341,799 (904,805) 1,147,85


11,420,799 9,795,028 34,388,488 35,371,170 37,454,122 38,066,352


25


STATEMENTS OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES (CONTINUED) (Comparatives are for the year 1 October 2016 to 30 September 2017)





30 September 2018

30 September 2017

30 September 2018

30 September 2017


Net.assets.attributable.to.holders.of.redeemable.shares.at.the.beginning.of.the.year

– – – –

Proceeds.from.the.issue.of.shares 6 16,204,350 – 21,576,450 –

Payments.on.the.redemption.of.shares 6 (118,872) – (80,900) –

Increase.in.net.assets.attributable.to.holders.of.redeemable.shares.from.operations

38,680 – 193,109 –


16,124,158 – 21,688,659 –




NOTES TO FINANCIAL STATEMENTS

26

1. INCORPORATION

The.Company.was.incorporated.in.Jersey,.Channel.Islands.on.24.September.1999.

The.principal.accounting.policies.applied.in.the.preparation.of.these.financial.statements.are.set.out.below..These.policies.have.been.consistently.applied.to.the.years.presented.unless.otherwise.stated..These.financial.statements.have.been.prepared.on.a.going.concern.basis.under.the.historical.cost.convention.as.modified.by.the.measurement.at.fair.value.of.trading.financial.assets.and.derivative.financial.instruments.in.accordance.with.applicable.Jersey.Law.and.United.Kingdom.Generally.Accepted.Accounting.Practice.(“UK.GAAP”).including.Financial.Reporting.Standard.102.“The.Financial.Reporting.Standard.applicable.in.the.United.Kingdom.and.Republic.of.Ireland”.(“FRS.102”)..The.Company.holds.a.fund.certificate.issued.pursuant.to.the.Collective.Investment.Funds.(Jersey).Law.1988.and.is.regulated.by.the.Jersey.Financial.Services.Commission.(“JFSC”).as.an.unclassified.fund..A.summary.of.the.more.important.accounting.policies.is.set.out.below.

2. ACCOUNTING POLICIES

a. Basis of accounting

These.audited.annual.financial.statements.for.the.year.ended.30.September.2018.have.been.prepared.in.accordance.with.FRS.102.as.issued.by.the.Financial.Reporting.Council.(“FRC”).

The.Directors.of.the.Company.have.applied.FRS.102.for.its.annual.and.FRS.104.“Interim.Financial.Reporting”.for.its.unaudited.interim.financial.statements.effective.1.October.2014..The.Company.has.also.applied.“Amendments.to.FRS.102.–.Fair.value.hierarchy.disclosures”.which.were.issued.in.March.2016.and.are.applicable.for.accounting.periods.beginning.on.or.after.1.January.2017.with.early.application.permitted..The.Company.took.the.option.to.early.adopt.the.amendments.and.initially.implemented.these.amendments.in.the.interim.period.ended..31.March.2016.

The.information.required.by.FRS.102,.to.be.included.in.a.single.statement.for.the.reporting.period.displaying.all.items.of.income.and.expenses.recognised.during.the.period.including.those.items.recognised.in.determining.profit.or.loss.and.items.of.other.comprehensive.income.and.a.Reconciliation.of.Movements.in.Shareholders’.Funds.is,.in.the.opinion.of.the.directors,.contained.in.the.Statements.of.Comprehensive.Income.and.Statements.of.Changes.in.Net.Assets.Attributable.to.Holders.of.Redeemable.Shares.on.pages.20,.21,.22,.23.and.24..In.arriving.at.the.results.for.the.period,.all.amounts.in.the.Statements.of.Comprehensive.Income.on.pages.20,.21.and.22.relate.to.continuing.activities..

The.Company.has.availed.of.the.exemption.available.to.open-ended.investment.funds.under.Section.7.“Statement.of.Cash.Flows”.of.FRS.102.(Section.7.1a.(c)),.not.to.prepare.a.cash.flow.statement.on.the.basis.that.substantially.all.of.the.Company’s.investments.are.highly.liquid.and.carried.at.fair.value,.and.the.Company.provides.Statements.of.Changes.in.Net.Assets.Attributable.to.Holders.of.Redeemable.Shares.

b. Investments

Investments.are.recognised.at.cost.on.the.trade.date,.being.the.date.on.which.the.Class.Fund.commits.to.purchase.the.investment.and.becomes.party.to.the.contractual.provisions.of.the.securities..Transaction..costs.are.recognised.as.part.of.the.consideration.and.capitalised.in.the.purchase.cost..

Subsequent.to.initial.recognition,.Funds.held.are.valued.at.Net.Asset.Value.per.unit.apart.from..Exchange.Traded.Funds.held.which.are.valued.at.exchange.price..Financial.liabilities.are.valued.at.offer.price..Gains.and.losses.on.sales.of.investments.are.calculated.on.an.average.cost.basis.and.are.recognised.within.net.realised.gain.or.loss.on.investments.in.the.Statements.of.Comprehensive.Income.in.the.period.in.which.the.Company.commits.to.dispose.of.the.securities..

Investments.are.derecognised.when.the.Class.Fund.becomes.party.to.contractual.provisions.of.the.securities.that.give.rise.to.transfer.of.substantial.rights.and.obligations.arising.from.the.securities.

On.initial.application.of.FRS.102,.in.accounting.for.all.of.its.financial.instruments,.an.entity.is.required.to.apply.either.(a).the.full.requirements.of.Sections.11.“Basic.Financial.Instruments”.and.Section.12.“Other.Financial.Instruments.Issues”.of.FRS.102,.(b).the.recognition.and.measurement.provisions.of.International.Accounting.Standards.(“IAS”).39.“Financial.Instruments:.Recognition.and.Measurement”.(“IAS.39”).as.adopted.for.use.in.the.European.Union.and.the.disclosure.requirements.of.Sections.11.and.12,.or.(c).the.recognition.and.measurement.provisions.of.International.Financial.Reporting.Standards.(“IFRS”).9.“Financial.Instruments”.(“IFRS.9”).and.the.disclosure.requirements.of.Sections.11.and.12..The.Company.has.applied.FRS.102.from.the.year.ended.30.September.2015.and.has.elected.to.apply.the.full.requirements.of.Sections.11.and.Section.12.of.FRS.102..


NOTES TO FINANCIAL STATEMENTS (CONTINUED)

27

2. ACCOUNTING POLICIES (CONTINUED)

c. Cash and cash equivalents

Cash.is.valued.at.cost,.which.approximates.fair.value.

Cash.is.held.in.accounts.at.The.Bank.of.New.York.Mellon.SA/NV.London.Branch.which.allows.the.Class.Funds.instant.access.to.their.accounts..

d. Income

Interest.income.is.accounted.for.on.an.accruals.basis.using.the.effective.yield.basis..Dividend.income.is.accounted.for.on.the.ex-dividend.date..Dividend.income.is.reported.gross.of.withholding.tax.deducted.at.source.and.the.related.withholding.tax.is.disclosed.separately.as.a.tax.charge.in.the.Statements.of.Comprehensive.Income..Interest.on.deposit.accounts.is.included.on.an.accruals.basis..Deposit.income.and.overdraft.interest.for.the.year.is.reported.on.the.Statements.of.Comprehensive.Income.

e. Foreign currencies

Transactions.in.foreign.currencies.are.translated.into.the.currency.of.the.Class.Funds.at.the.rates.of.exchange.ruling.at.the.date.of.the.transaction..Monetary.assets.and.liabilities.denominated.in.foreign.currencies.are.translated.into.the.currency.of.the.Class.Funds.at.the.rates.of.exchange.ruling.at.the.Statements.of.Financial.Position.date..Differences.arising.on.the.translation.of.investments.are.included.in.the.Statements.of.Comprehensive.Income.within.net.capital.gains.or.losses.on.investments.in.the.period.in.which.they.arise..The.functional.and.presentational.currencies.of.the.Class.Funds.are.US.Dollars.for.the.Multi.Manager.Global.Equity.Fund.(USD),.Multi.Manager.Global.Balanced.Fund.(USD),.Multi.Manager.Absolute.Return.Fund.(USD).and.Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(USD),.Sterling.for.the.Multi.Manager.Global.Equity.Fund.(GBP),.Multi.Manager.Global.Balanced.Fund.(GBP),.Multi.Manager.Absolute.Return.Fund.(GBP).and.Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(GBP).

Foreign.currency.gains.and.losses.on.revenue.and.expenses.due.to.movements.in.exchange.rates.between.the.record.date.and.settlement.date.are.included.in.the.Statements.of.Comprehensive.Income.with.income..or.expenses.

f. Share issues and redemptions

Shares.in.the.Company.may.be.issued.at.the.issue.price.and.redeemed.at.the.redemption.price.on.subscription.days.at.the.prices.calculated.in.accordance.with.the.Articles.of.Association.and.based.on.the.value.of.the.underlying.net.assets.held.in.the.relevant.Class.Fund..Participating.shares.are.classified.as.financial.liabilities.in.the.financial.statements.as.they.are.not.the.most.subordinated.class.in.the.Company.

Receivable.for.shares.sold.and.payable.for.shares.redeemed.represent.amounts.that.have.been.contracted.for.but.not.yet.settled.or.delivered.on.the.Statement.of.Financial.Position.date.

g. Expenses

The.Company.is.responsible.for.the.payment.of.management,.administration,.audit,.director,.custodian.and.sub-custodian.fees.which.are.accrued.for.on.each.valuation.point,.and.the.payment.of.other.expenses.as.detailed.in.the.Company’s.prospectus..All.expenses.are.accounted.for.on.an.accruals.basis.

h. Net gains/(losses) on financial assets at fair value through profit or loss

This.item.includes.changes.in.the.fair.value.of.financial.assets.held.for.trading.and.excludes.interest.and.dividend.income.and.expenses..Unrealised.gains.and.losses.comprise.changes.in.the.fair.value.of.financial.instruments.for.the.year..Realised.gains.and.losses.on.disposals.are.calculated.using.the.average.cost.method.and.are.reflected.as.net.gains.or.losses.on.investments.in.the.Statements.of.Comprehensive.Income..

i. Withholding taxes

In.some.jurisdictions.investment.income.is.subject.to.withholding.tax.deducted.at.the.source.of.the.income..Withholding.tax.is.a.generic.term.used.for.the.amount.of.withholding.tax.deducted.at.the.source.of.the.income.and.is.not.significant.for.the.Portfolio..Withholding.tax.is.disclosed.separately.as.a.tax.charge.from.the.gross.investment.income.in.the..Statements.of.Comprehensive.Income.

j. Distribution policy

The.Company’s.policy.is.to.not.distribute.any.income.on.its.participating.shares.

k. Payable for investments purchased

Payable.for.investments.purchased.are.securities.purchased.that.have.been.contracted.for.but.not.yet.delivered.by.the.year.end.

l. Receivable for investments sold

Receivable.for.investments.sold.are.securities.sold.that.have.been.contracted.for.but.not.yet.delivered.by.the..year.end..

28



3. Gains and losses on financial assets at fair value through profit or loss




30 September 2018

30 September 2017

30 September 2018

30 September 2017

30 September 2018

30 September 2017

USD USD GBP GBP USD USD

Non-derivative securities:

Net.realised.gain.on.investments 4,357,705 2,316,485 7,467,014 5,504,086 606,563 350,049

Net.movement.in.unrealised.investment.schemes 1,059,777 8,002,228 228,833 6,826,724 114,338 621,81

5,417,482 10,318,713 7,695,847 12,330,810 720,901 971,867

Derivative securities

Net.realised.(loss)/gain.on.foreign.currency.contracts (5,681) (1,039) 41 (2,289) (198) 3,718

Net.movement.in.unrealised.currency.schemes (538) 538 – – (41) 41

(6,219) (501) 41 (2,289) (239) 3,759

Net gain on financial assets at fair value through Profit or Loss

5,411,263 10,318,212 7,695,888 12,328,521 720,662 975,626

29



3. Gains and losses on financial assets at fair value through profit or loss (continued)




30.September.2018

30.September.2017

30.September.2018

30.September.2017

30.September.2018

30.September.2017

GBP GBP USD USD GBP GBP


Net.realised.gain/(loss).on.investments 403,149 886,836 655,202 441,895 222,960 1,477,948

24,054 (261,568) (1,321,284) 1,320,618 (955,254) (311,918)

Net movement in unrealised investment schemes 527,203 625,268 (666,082) 1,762,513 (732,294) 1,166,030

Derivative securities:

Net.realised.(loss)/gain.on.foreign.currency.contracts – (259) 56,804 (167,296) 44,788 131,128

Net.movement.in.unrealised.currency.schemes – – 36,221 8,153 (7,264) 1,937

– (259) 93,025 (159,143) 37,524 133,065

Net gain on financial assets at fair value through Profit or Loss

527,203 625,009 (573,057) 1,603,370 (694,770) 1,299,095

30



3. Gains and losses on financial assets at fair value through profit or loss (continued)





30 September 2018

30 September 2017

30 September 2018

30 September 2017

USD USD GBP GBP


Net.realised.gain/(loss).on.investments (317,902) – (245,934) –

Net.movement.in.unrealised.investment.schemes 288,511 – 435,579 –

(29,391) – 189,645 –

Derivative securities:

Net.realised.(loss)/gain.on.foreign.currency.contracts – – – –

Net.movement.in.unrealised.currency.schemes – – – –

Net gain on financial assets at fair value through Profit or Loss (29,391) – 189,645 –*.Class.Fund.launched.on.29.June.2018.

31



4. Investment Purchases, Investment Sales and Commissions




30 September 2018

30 September 2017

30 September 2018

30 September 2017

30 September 2018

30 September 2017

USD USD GBP GBP USD USD

Gross.purchases.during.the.year.including.transaction.costs 16,540,057 9,602,892 11,334,792 15,224,255 22,072,908 15,998,831

Commissions (550) (150) (73) (660) (1,950) (2,350)

Net purchases total 16,539,507 9,602,742 11,334,719 15,223,595 22,070,958 15,996,481

Gross.sales.during.the.year.including.transaction.costs 16,953,585 19,555,588 24,277,897 18,482,375 20,635,565 16,015,003

Commissions (50) (703) (113) (39) (1,000) (750

Net sales total 16,953,535 19,554,885 24,277,784 18,482,336 20,634,565 16,014,253




30 September 2018

30 September 2017

30 September 2018

30 September 2017

30 September 2018

30 September 2017

GBP GBP USD USD GBP GBP

Gross.purchases.during.the.year.including.transaction.costs 19,158,391 12,310,231 13,113,523 24,275,830 18,359,139 21,223,460

Commissions (1,439) (755) (450) (400) (145) (376)

Net sales total 18,150,790 12,581,089 14,809,780 25,936,602 18,411,215 19,125,938

32



4. Investment Purchases, Investment Sales and Commissions (continued)





30 September 2018

30 September 2017

30 September 2018

30 September 2017

USD USD GBP GBP

Gross.purchases.during.the.year.including.transaction.costs

26,806,337 – 46,701,417 –

Commissions (750) – (825) –

Net purchases total 26,805,587 – 46,700,592 –

Gross.sales.during.the.year.including.transaction.costs 10,838,117 – 25,392,150 –

Commissions (300) – (300) –

Net sales total 10,837,817 – 25,391,850 –*Class.Fund.launched.on.29.June.2018.



33

5. Taxation

For.the.purposes.of.Jersey.taxation,.the.Company.will.fall.under.Article.123C.of.the.Income.Tax.(Jersey).Law.1961,.as.amended,.as.a.Jersey.resident.Company.which.is.neither.a.“utility.company”.nor.a.“financial.services.company”.and.as.such.will.be.charged.to.Jersey.income.tax.at.a.rate.of.0%.on.its.income.(other.than.on.any.rental.income.or.property.development.profits.arising.in.respect.of.Jersey.situs.real.property.or.land)..The.Company.will.not.be.subject.to.tax.in.Jersey.on.any.capital.arising.to.it.

Under.applicable.foreign.tax.laws,.withholding.taxes.may.be.deducted.from.interest,.dividends.and.capital.gains.attributable.to.the.Company,.at.various.rates..The.Company.pays.withholding.tax.on.dividends,.which.is.deducted.at.source..This.is.shown.separately.as.a.taxation.charge.in.the.Statements.of.Comprehensive.Income.

Overseas Tax – Withholding Tax on Dividend Income Currency 30 September 2018

30 September 2017

Multi.Manager.Global.Equity.Fund.(USD) USD 10,981 3,457

Multi.Manager.Global.Equity.Fund.(GBP) GBP 13,648 4,837

Multi.Manager.Global.Balanced.Fund.(USD) USD 1,228 7,291

Multi.Manager.Global.Balanced.Fund.(GBP) GBP 40 8,778

Multi.Manager.Absolute.Return.Fund.(USD) USD 36,979 15,197

Multi.Manager.Absolute.Return.Fund.(GBP) GBP 1,900 11,344

Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(USD)* USD 3,244 –

Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(GBP)* GBP 1,087 –


6. Share capital

The.authorised.share.capital.of.the.Company.is.£500,000.divided.into.100.management.shares.of.£1.00.each.and.49,990,000.unclassified.shares.of.£0.01.each.

Management.shares.have.been.issued.at.par.as.follows:

Number of Shares

Manager. 99.

Standard.Bank.Nominees.(Offshore).Limited. 1.

100

The.management.shares.exist.solely.to.comply.with.Companies.(Jersey).Law.1991,.which.requires.that.participating.redeemable.preference.shares.(“participating.shares”).must.have.preference.over.another.class.of.capital..The.holders.of.the.management.shares.are.entitled.to.receive.notice.of.general.meetings.of.the.Company.and.to.attend.and..vote.thereat..

On.a.poll.a.holder.of.management.shares.is.entitled.to.one.vote.for.each.management.share.held.by.him/her..Management.shares.carry.no.right.to.a.dividend.and.are.not.redeemable..On.a.winding.up,.they.rank.only.for.a.return.of.paid.up.nominal.pari.passu.out.of.the.assets.of.the.Company.(after.the.return.of.nominal.capital.paid.up.on.participating.shares.and.nominal.shares)..The.management.shares.and.cash.issue.proceeds.of.the.Company.are.not.shown.in.the.Statements.of.Financial.Position.on.materiality.grounds..Management.shares.are.regarded.as.equity.

Participating.shares.carry.the.right.to.a.proportionate.share.in.the.assets.of.the.relevant.Class.Fund.and.to.any.dividends.that.may.be.declared..Holders.of.the.shares.are.entitled.to.receive.notice.of.all.general.meetings.of.the.Company.and.to.attend.and.vote.thereat..The.holder.of.each.share.is.entitled.to.one.vote.for.each.share.of.which.he.is.a.holder..Shares.are.redeemable.by.shareholders.at.prices.based.on.the.value.of.the.net.assets.of.the.relevant.Class.Fund.as.determined.in.accordance.with.its.Articles.of.Association.


34



34

6. Share capital (continued)

Management shares

The.management.shares.have.been.issued.at.par.and.the.proceeds.of.the.issue.are.represented.by.a.separate.management.fund..Details.of.the.management.fund.at.the.Statements.of.Financial.Position.date.are.as.follows:.

30 September 2018

30 September 2017

GBP GBP

Current.account 100 100

Management.shares.of.GBP1.00.each

Authorised,.issued.and.fully.paid 100 100

All.participating.shares.not.previously.redeemed.will.be.redeemed.by.the.Company.on.the.last.subscription.day.in.2099.at.their.respective.redemption.prices.on.each.subscription.day..Subscription.day.is.the.day.or.days.upon.which..all.issue,.redemptions,.purchases.and.transfers.of.participating.shares.shall.be.effected.

The.management.fund.is.not.reflected.in.the.Statement.of.Financial.Position.



35


Movement of participating shares

The.following.table.shows.the.movement.in.participating.shares.during.the.year.ended.30.September.2018..and.30.September.2017.

Number of shares at

30 September 2017

Issued during the year

Redeemed during the year

Number of shares at

30 September 2018

Multi.Manager.Global.Equity.Fund.(USD).–.Class.A.Shares

3,153,108 80,320 (1,136,306) 2,097,122

Multi.Manager.Global.Equity.Fund.(USD).–.Class.B.Shares

344,649 219,827 (24,679) 539,797

Multi.Manager.Global.Equity.Fund.(USD).–.Class.C.Shares

17,014 84,882 – 101,896

Multi.Manager.Global.Equity.Fund.(USD).–.Class.X.Shares

995,152 1,352,872 (371,215) 1,976,809

Multi.Manager.Global.Equity.Fund.(GBP).–.Class.A.Shares

3,725,861 66,617 (1,264,053) 2,528,425

Multi.Manager.Global.Equity.Fund.(GBP).–.Class.B.Shares

172,735 170,431 (43,693) 299,473

Multi.Manager.Global.Equity.Fund.(GBP).–.Class.C.Shares

54,869 28,585 (2,814) 80,640

Multi.Manager.Global.Equity.Fund.(GBP).–.Class.X.Shares

142,784 1,348,398 (296,184) 1,194,998

Multi.Manager.Global.Balanced.Fund.(USD).–.Class.A.Shares

686,768 15,787 (523,151) 179,404

Multi.Manager.Global.Balanced.Fund.(USD).–.Class.B.Shares

175,825 103,797 (35,283) 244,339

Multi.Manager.Global.Balanced.Fund.(USD).–.Class.C.Shares

108,141 44,607 (31,594) 121,154

Multi.Manager.Global.Balanced.Fund.(USD).–.Class.X.Shares

30,000 701,044 (49,229) 681,815

Multi.Manager.Global.Balanced.Fund.(GBP).–.Class.A.Shares

542,327 4,410 (417,834) 128,903

Multi.Manager.Global.Balanced.Fund.(GBP).–.Class.B.Shares

167,190 160,701 (9,504) 318,387

Multi.Manager.Global.Balanced.Fund.(GBP).–.Class.C.Shares

44,629 54,868 (139) 99,358

Multi.Manager.Global.Balanced.Fund.(GBP).–.Class.X.Shares

15,523 549,452 (127,603) 437,372

Multi.Manager.Absolute.Return.Fund.(USD).–.Class.C.Shares

2,860,772 335,994 (960,192) 2,236,574

Multi.Manager.Absolute.Return.Fund.(USD).–.Class.X.Shares

734,242 747,476 (193,855) 1,287,863

Multi.Manager.Absolute.Return.Fund.(GBP).–.Class.C.Shares

3,247,233 227,994 (1,114,982) 2,360,245

Multi.Manager.Absolute.Return.Fund.(GBP).–.Class.X.Shares

182,020 1,019,795 (16,137) 1,185,678

Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(USD).–.Class.X.Shares*

– 1,621,726 (11,812) 1,609,914

Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(GBP).–.Class.X.Shares*

– 2,160,003 (8,007) 2,151,996



36



36


Movement of participating shares (continued)

Number of shares at

30 September 2016

Issued during the year

Redeemed during the year

Number of shares at

30 September 2017

Multi.Manager.Global.Equity.Fund.(USD).–.Class.A.Shares

4,966,913 186,969 (2,000,774) 3,153,108

Multi.Manager.Global.Equity.Fund.(USD).–.Class.B.Shares

130,585 217,829 (3,765) 344,649

Multi.Manager.Global.Equity.Fund.(USD).–.Class.C.Shares

– 17,014 – 17,014

Multi.Manager.Global.Equity.Fund.(USD).–.Class.X.Shares

– 1,587,955 (592,803) 995,152

Multi.Manager.Global.Equity.Fund.(GBP).–.Class.A.Shares

4,025,705 125,304 (425,148) 3,725,861

Multi.Manager.Global.Equity.Fund.(GBP).–.Class.B.Shares

85,640 111,467 (24,372) 172,735

Multi.Manager.Global.Equity.Fund.(GBP).–.Class.C.Shares

– 54,869 – 54,869

Multi.Manager.Global.Equity.Fund.(GBP).–.Class.X.Shares

– 142,784 – 142,784

Multi.Manager.Global.Balanced.Fund.(USD).–.Class.A.Shares

918,712 40,115 (272,059) 686,768

Multi.Manager.Global.Balanced.Fund.(USD).–.Class.B.Shares

40,812 135,013 – 175,825

Multi.Manager.Global.Balanced.Fund.(USD).–.Class.C.Shares

– 108,141 – 108,141

Multi.Manager.Global.Balanced.Fund.(USD).–.Class.X.Shares

– 50,000 (20,000) 30,000

Multi.Manager.Global.Balanced.Fund.(GBP).–.Class.A.Shares

681,419 9,198 (148,290) 542,327

Multi.Manager.Global.Balanced.Fund.(GBP).–.Class.B.Shares

82,967 86,620 (2,397) 167,190

Multi.Manager.Global.Balanced.Fund.(GBP).–.Class.C.Shares

– 44,629 – 44,629

Multi.Manager.Global.Balanced.Fund.(GBP).–.Class.X.Shares

– 15,523 – 15,523

Multi.Manager.Absolute.Return.Fund.(USD).–.Class.C.Shares

3,968,060 351,335 (1,458,623) 2,860,772

Multi.Manager.Absolute.Return.Fund.(USD).–.Class.X.Shares

– 734,242 – 734,242

Multi.Manager.Absolute.Return.Fund.(GBP).–.Class.C.Shares

3,306,330 647,360 (706,457) 3,247,233

Multi.Manager.Absolute.Return.Fund.(GBP).–.Class.X.Shares

– 182,020 – 182,020



37

7. Related Party Transactions and Other Expenses

The.following.disclosures.are.made.in.accordance.with.the.requirements.of.Section.33.“Related.Party.Disclosures”.of.FRS.102.

STANLIB.Fund.Managers.Jersey.Limited.(the.“Manager”),.Standard.Bank.International.Investments.Limited.(the.“Investment.Manager”).and.all.directors.of.the.Company.are.related.parties.of.the.Company..

The.Manager.is.considered.a.related.party.by.virtue.of.its.contractual.arrangements..The.Investment.Manager.and.the.directors.are.considered.related.parties.to.the.Company.as.they.make.key.operating.decisions.for.the.Company.

The.Manager.has.the.primary.responsibility.for.the.management.and.administration.of.the.Company..The.Manager.has.appointed.the.Investment.Manager.to.provide.investment.management.services.in.relation.to.the.Company..Until.31.January.2017.the.Manager.was.paid.a.management.fee.in.respect.of.the.Multi.Manager.Global.Equity.and.the.Multi.Manager.Global.Balanced.Class.A.Shares.at.the.rate.of.1.50%.per.annum,.the.Multi.Manager.Global.Equity.and.the.Multi.Manager.Global.Balanced.Class.B.Shares.at.a.rate.of.1.20%.per.annum.and.at.a.rate.of.0.85%.per.annum.in.respect.of.the.Multi.Manager.Absolute.Return.Classes,.out.of.the.net.asset.value.of.the.relevant.classes..From.1.February.2017.the.Manager.shall.be.paid.a.management.fee.in.respect.of.the.Multi.Manager.Global.Equity.Class.A.Shares.and.the.Multi.Manager.Global.Balanced.Class.A.Shares.at.the.rate.of.1.20%.per.annum,.the.Multi.Manager.Global.Equity.Class.B.Shares.and,.the.Multi.Manager.Global.Balanced.Class.B.Shares.at.a.rate.of.0.90%.per.annum,.the.Multi.Manager.Global.Equity.Class.C.Shares,.the.Multi.Manager.Global.Balanced.Class.C.Shares.and.the.Multi.Manager.Absolute.Return.Class.C.Shares.at.a.rate.of.0.60%.per.annum,.out.of.the.net.asset.value.of.the.relevant.classes,.which.is.payable.to.the.Manager.by.monthly.payments.in.arrears..There.is.no.management.fee.charged.in.respect.of.the.Class.X.shares..The.Manager.remits.the.above.fees.in.full.to.the.Investment.Manager.as.an.investment.management.fee..

From.1.February.2017.to.30.June.2018,.the.Manager.is.entitled.to.an.annual.administration.fee.at.a.rate.of.0.25%.of.the.net.asset.value.of.the.Multi.Manager.Absolute.Return.Class.Funds.and.at.a.rate.of.0.30%.of.the.net.asset.value.of.the.Multi.Manager.Global.Equity.and.Multi.Manager.Global.Balanced.Class.Funds..Effective.from.1.July.2018,.the.Manager.is.entitled.to.an.annual.administration.fee.at.a.rate.of.0.22%.of.the.net.asset.value.of.the.Multi.Manager.Global.Equity,.the.Multi.Manager.Global.Balanced.and.the.Multi.Manager.Absolute.Return.Class.Funds.and.at.a.rate.of.0.20%.of.the.net.asset.value.of.the.Multi.Manager.Global.Tactical.Asset.Allocation.Class.Funds..The.above.amounts.accrue.on.each.subscription.day.and.are.payable.to.the.Manager.by.monthly.payments.in.arrears.

The.Custodian.is.responsible.for.the.safekeeping.of.all.the.property.of.the.Company.which.is.entrusted.to.it,.as.prescribed.in.the.Custodian.Agreement.

The.fees.of.the.Custodian.shall.be.calculated.as.follows,.subject.to.an.overall.minimum.fee.in.respect.of.each.Class.Fund.of.US$5,000.per.annum.(such.minimum.fee.to.be.waived.in.respect.of.cash.funds).(the.“Minimum.Fee”):

(i). 0.035%.per.annum.on.any.and.all.amounts.up.to.USD50.million.of.the.Net.Asset.Value.of.that.Class.Fund;

(ii). 0.025%.per.annum.on.any.and.all.amounts.above.USD50.million.of.the.Net.Asset.Value.of.that.Class.Fund.but.only.up.to.USD.100.million;

(iii). 0.010%.per.annum.on.any.and.all.amounts.above.USD.00.million.of.the.Net.Asset.Value.of.that.Class.Fund.but.only.up.to.USD.500.million;.and

(iv). 0.005%.per.annum.on.any.and.all.amounts.above.USD500.million.of.the.Net.Asset.Value.of.that.Class.Fund.

Such.fees.shall.accrue.daily.and.shall.be.payable.to.the.Custodian.by.monthly.payments.in.arrears.becoming.due.on.the.first.Business.Day.of.each.month.in.respect.of.the.preceding.month.

The.Custodian.is.also.entitled.to.be.reimbursed.out.of.the.Class.Funds.for.charges.and.transaction.fees.levied.on.it.by.the.Sub-Custodian.and.other.sub-custodians.which.shall.be.at.rates.which.have.been.negotiated.on.an.arm’s.length.basis.or.are.otherwise.on.commercial.terms.


38



38

7. Related Party Transactions and Other Expenses (Continued)

Director Fees

The.directors.are.responsible.for.keeping.proper.accounting.records,.which.disclose.with.reasonable.accuracy.at.any.time.the.financial.position.of.the.Company.and.enable.them.to.ensure.that.the.financial.statements.comply.with.the.Companies.(Jersey).Law,.1991..They.are.also.responsible.for.safeguarding.the.assets.of.the.Company.and.hence.taking.reasonable.steps.for.the.prevention.and.detection.of.error,.fraud.and.non-compliance.with.law.or.regulations.

Michael.Farrow.is.entitled.to.receive.GBP20,000.per.annum.as.director.fees,.Helen.Holmes,.Graham.Baillie.and..Oliver.Sonnbichler.are.entitled.to.USD10,000.per.director.per.annum.

For.the.Multi.Manager.Global.Equity.Fund.(USD).directors.fees.incurred.during.the.year.ended.30.September.2018.amounted.to.USD11,935.(30.September.2017:.USD11,612).with.USD3,095.(30.September.2017:.USD2,512).outstanding.at.the.year.end.

For.the.Multi.Manager.Global.Equity.Fund.(GBP).directors.fees.incurred.during.the.year.ended.30.September.2018.amounted.to.GBP15,880.(30.September.2017:.GBP15,975).with.GBP3,799.(30.September.2017:.GBP4,277).outstanding.at.the.year.end.

For.the.Multi.Manager.Global.Balanced.Fund.(USD).directors.fees.incurred.during.the.year.ended.30.September.2018.amounted.to.USD2,525.(30.September.2017:.USD.2,413).with.USD643.(30.September.2017:.USD683).outstanding.at.the.year.end.

For.the.Multi.Manager.Global.Balanced.Fund.(GBP).directors.fees.incurred.during.the.year.ended.30.September.2018.amounted.to.GBP2,002.(30.September.2017:.GBP1,983).with.GBP491.(30.September.2017:.GBP528).outstanding.at.the.year.end.

For.the.Multi.Manager.Absolute.Return.Fund.(USD).directors.fees.incurred.during.the.year.ended.30.September.2018.amounted.to.USD7,748.(30.September.2017:.USD7,701).with.USD2,000.(30.September.2017:.USD1,911).outstanding.at.the.year.end.

For.the.Multi.Manager.Absolute.Return.Fund.(GBP).directors.fees.incurred.during.the.year.ended.30.September.2018.amounted.to.GBP7,766.(30.September.2017:.GBP7,747).with.GBP1,939.(30.September.2017:.GBP2,038).outstanding..at.the.year.end.

For.the.Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(USD).directors.fees.incurred.during.the.year.ended..30.September.2018..amounted.to.USD92.with.USD92.outstanding.at.the.year.end.*

For.the.Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(GBP).directors.fees.incurred.during.the.year.ended..30.September.2018.amounted.to.GBP92.with.GBP92.outstanding.at.the.year.end.*

All.transactions.with.related.parties.are.at.arms.length.

*.Class.Fund.launched.on.29.June.2018.



39

8. Financial risk management

Consistent.with.the.investment.objectives,.as.noted.in.the.Report.of.the.Directors,.the.Company’s.financial.instruments.comprise.quoted.securities..In.addition,.the.Company.holds.cash.and.liquid.assets.and.various.items.such.as.debtors.and.creditors.that.arise.directly.from.its.operations..

The.main.risks.arising.from.the.Company’s.financial.instruments.are.market.risk.(comprising.market.price.risk,.interest.rate.risk.and.currency.risk),.credit.risk.and.liquidity.risk..The.Board.reviews.and.agrees.with.the.Manager.and.Investment.Manager.policies.for.managing.each.of.these.risks.and.they.are.summarised.below.

8.1 Market risk

Market.risk.is.the.risk.that.the.fair.value.of,.or.future.cash.flows.arising.from,.financial.instruments.will.fluctuate.because.of.the.changes.in.market.variables..Market.risk.comprises.three.types.of.risks:.market.price.risk,.interest.rate.risk.and.currency.risk.

Market price risk

Market.price.risk.arises.mainly.from.uncertainty.about.future.prices.of.equity.and.equity-linked.financial.instruments...It.represents.the.potential.loss.that.the.Company.may.suffer.due.to.movements.in.securities.prices..

The.Company’s.exposure.to.market.price.arises.from.its.equity.investments.with.a.maximum.exposure.at.the.period.end.represented.by.the.carrying.value.of.investments..The.exposure.levels.are.in.line.with.the.Company’s.investment.objectives.and.market.price.risk.is.managed.through.prescribed.investment.restrictions..A.complete.list.of.the.investment.restrictions.for.each.Class.can.be.found.in.the.prospectus..Each.Class.Fund’s.investment.portfolio.complies.with.the.investment.parameters.as.disclosed.in.the.prospectus..The.spread.of.investments.between.various.geographic.sectors.is.disclosed.in.the.Portfolio.Statements.(Unaudited).at.the.end.of.this.report.

Sensitivity analysis

The.table.below.summarises.the.sensitivity.of.the.Class.Funds’.net.assets.attributable.to.holders.of.redeemable.shares.to.market.price.movements..It.shows.the.increase/(decrease).in.the.net.assets.attributable.to.holders.of.redeemable.shares.for.the.Class.Funds’.given.a.5%.movement.in.the.underlying.investment.prices.at.year.end;.all.other.variables.remaining.constant.(5%.is.considered.to.be.a.reasonable.possible.change.in.price):

30 September 2018

30 September 2017

Multi.Manager.Global.Equity.Fund.(USD) USD3,162,364. USD2,911,319

Multi.Manager.Global.Equity.Fund.(GBP) GBP3,747,850. GBP4,010,358

Multi.Manager.Global.Balanced.Fund.(USD) USD683,739. USD575,753

Multi.Manager.Global.Balanced.Fund.(GBP) GBP549,023. GBP472,505

Multi.Manager.Absolute.Return.Fund.(USD) USD1,617,068. USD1,729,488

Multi.Manager.Absolute.Return.Fund.(GBP) GBP1,753,691. GBP1,793,856

Multi.Manager.Global.Tactical.Asset.Allocation..Fund.(USD)* USD796,903. –

Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(GBP)* GBP1,074,946. –

*.Class.Fund.launched.on.29.June.2018.

Interest rate risk

Interest.rate.risk.is.the.risk.that.cash.flows.arising.from.financial.instruments.or.the.fair.value.of.financial.instruments.will.be.affected.by.movements.in.interest.rates..

The.Company.was.exposed.to.interest.rate.risk.from.cash.held.on.deposit..Market.forces.(in.terms.of.a.general.increase.or.decrease.in.interest.rates.in.a.particular.currency).may.therefore.have.a.detrimental.or.positive.effect.on.the.cash.flows.from.cash.deposits..As.cash.deposits.are.available.on.demand,.there.is.no.fair.value.risk.from.interest.rates..

The.Company.does.not.actively.manage.interest.rate.risk.as.it.is.considered.insignificant.

Currency risk

Currency.risk.is.the.risk.that.the.fair.value.of,.or.future.cash.flows.from,.financial.instruments.will.fluctuate.because.of.changes.in.foreign.exchange.rates.

The.Company’s.principal.exposure.to.foreign.currency.risk.comprises.its.investments.priced.in.currencies.other.than.the.base.currency.of.the.particular.Class.Fund,.including.cash.balances.in.foreign.currencies.

40



8. Financial risk management (continued)

8.1 Market risk (continued)

Currency risk (continued)

Foreign.currency.risk.is.managed.through.geographic.investment.restrictions.and.in.some.Class.Funds,.through.use.of.Forward.Currency.Contracts.

Exchange.rate.risk.in.foreign.currency.investments.held.in.the.Class.Fund.may.be.hedged.back.to.the.base.currency.of.the.Class.Fund.using.forward.foreign.exchange.contracts.

The.currency.exposure.of.the.Company.at.30.September.2018.and.30.September.2017.is.as.follows:


Investments USD

Cash USD

Other net assets/

(liabilities) USD

Net assets 30 September

2018 USD

% of net assets 30 September

2018


2017 USD


2017

EUR 3,821,577 – – 3,821,577 6.03 3,473,033 5.94

GBP 22,908,051 110,844 19,187 23,038,082 36.36 22,390,770 38.30

USD 36,517,655 107,919 (120,648) 36,504,926 57.61 32,601,181 55.76

63,247,283 218,763 (101,461) 63,364,585 100.00 58,464,984 100.00


Investments GBP

Cash GBP

Other net assets/

(liabilities) GBP


2018 GBP


2018


2017 GBP


2017

EUR 2,828,443 – – 2,828,443 3.76 3,035,423 3.78

GBP 46,916,967 343,919 (190,459) 47,070,427 62.67 51,655,597 64.27

USD 25,211,582 – – 25,211,582 33.57 25,679,648 31.95

74,956,992 343,919 (190,459) 75,110,452 100.00 80,370,668 100.00

Multi Manager Global balanced Fund (USD)

Investments USD

Cash USD

Other net assets USD


2018 USD


2018


2017 USD


2017

GBP 747,613 – – 747,613 5.36 847,747 7.09

USD 12,927,172 255,057 17,904 13,200,133 94.64 11,104,366 92.91

13,674,785 255,057 17,904 13,947,746 100.00 11,952,113 100.00

41







Investments GBP

Cash GBP

Other net assets/

(liabilities) GBP


2018 USD


2018


2017 GBP


2017

EUR – (226) – (226) – – –

GBP 9,994,447 460,257 (19,685) 10,435,019 91.37 9,109,902 93.01

USD 986,006 – – 986,006 8.63 685,126 6.99

10,980,453 460,031 (19,685) 11,420,799 100.00 9,795,028 100.00


Investments USD

Cash USD

Other net assets/

(liabilities) USD


2018 USD


2018


2017 USD


2017

GBP 4,434,616 – (3,930,480) 504,136 1.47 71,897 0.20

JPY – 1,176,516 – 1,176,516 3.42 – –

USD 27,906,739 864,074 3,937,023 32,707,836 95.11 35,299,273 99.80

32,341,355 2,040,590 6,543 34,388,488 100.00 35,371,170 100.00

The.net.GBP.exposure.of.USD504,136.is.included.in.net.assets.in.the.table.above..Gross.GBP.exposure,.when.adjusted.for.the.notional.amounts.of.the.forward.contracts.is.USD.(3,426,344).

Multi Manager Absolute Return Fund (GBP)

Investments GBP

Cash GBP

Other net assets/

(liabilities) GBP


2018 USD


2018


2017 GBP


2017

GBP 31,723,085 1,236,371 675,273 33,634,729 89.80 32,791,912 86.14

JPY – 1,154,212 – 1,154,212 3.08 – –

USD 3,350,731 1,389 (686,939) 2,665,181 7.12 5,274,440 13.86

35,073,816 2,391,972 (11,666) 37,454,122 100.00 38,066,352 100.00

The.net.USD.exposure.of.GBP2,665,181.is.included.in.net.assets.in.the.table.above..Gross.USD.exposure,.when.adjusted.for.the.notional.amounts.of.the.forward.contracts.is.GBP1,978,242.

42






Multi Manager Global Tactical Asset Allocation Fund (USD)*

Investments USD

Cash USD

Other net assets USD


2018 USD


2018


2017 USD


2017

USD 15,938,059 179,067 7,032 16,124,158 100.00 – –

15,938,059 179,067 7,032 16,124,158 100.00 – –

Multi Manager Global Tactical Asset Allocation Fund (GBP)*

Investments GBP

Cash GBP

Other net liabilities GBP


2018 GBP


2018


2017 GBP


2017

EUR – 4,343 – 4,343 0.02 –

GBP 21,498,916 195,964 (10,564) 21,684,316 99.98 –

21,498,916 200,307 (10,564) 21,688,659 100.00 – –*Class.Fund.launched.on.29.June.2018.

The.following.sensitivity.analysis.shows.the.change.in.the.net.assets.of.a.Class.Fund.given.a.5%.increase.or.decrease.in.the.value.of.a.foreign.currency.relative.to.the.Class.Funds’.reporting.currency.for.all.foreign.currency.positions.greater.than.10%.of.the.net.assets.of.the.Class.Fund.(5%.is.considered.to.be.a.reasonable.possible.change.in.foreign.currency.rates).



43




Multi Manager Global Equity Fund

Change in Net assets

30 September 2018

Change in 30 September

2017

USD GBP

EUR +/-5% 191,079 +/-5% 173,652

GBP +/-5% 1,151,904 +/-5% 1,119,539


GBP GBP

EUR +/-5% 141,422 +/-5% 151,771

USD +/-5% 1,260,579 +/-5% 1,283,982


USD USD

GBP +/-5% 37,381 +/-5% 42,387


GBP GBP

EUR +/-5% (11) – –

USD +/-5% 49,300 +/-5% 34,256


USD USD

GBP +/-5% 25,207 +/-5% 3,595

JPY +/-5% 58,826 – –


GBP GBP

JPY +/-5% 57,711 – –

USD +/-5% 133,259 +/-5% 263,722


Held.no.other.currencies.at.year.end.so.there.was.no.currency.risk.


GBP GBP

EUR +/-5% 217 – –




44




Forward.exchange.contracts.are.used.to.hedge.against.movements.in.foreign.currency.rates,.mainly.as.a.result.of.the.trading.activity..However,.some.currency.risk.may.arise.from.the.portfolio.of.investments.denominated.in.foreign.currencies.as.they.fluctuate.in.market.value,.hence.is.considered.as.part.of.price.risk.

8.2 Credit risk

Credit.risk.is.the.risk.that.the.counterparties.to.the.Company.will.be.unable.or.unwilling.to.meet.their.obligations.under.the.contractual.or.agreed.terms.

The.Company’s.maximum.exposure.to.credit.risk.is.represented.by.the.carrying.value.of.cash.and.debtors..

Cash.and.debtors.are.considered.“Not.Rated”.and.the.credit.risk.associated.with.these.items.is.considered.insignificant..The.Class.Funds.are.not.exposed.to.credit.risk.from.the.Custodian.as.the.Custodian.maintains.all.assets.of.the.Class.Funds.in.a.segregated.accounts,.which.are.designated.as.client.assets.and.are.not.co-mingled.with.any.proprietary.assets.of.Link.Corporate.Services.(Jersey).Limited.or.The.Bank.of.New.York.Mellon.SA/NV.London.Branch..

The.Custodian,.Link.Corporate.Services.(Jersey).Limited.is.not.rated.with.Standard.&.Poor’s,.Moody’s.or.Fitch..

For.the.year.ended.30.September.2018,.the.Sub-Custodian.and.Banker,.The.Bank.of.New.York.Mellon.SA/NV.London.Branch.has.a.credit.rating.of.AA-.(2017:.AA-).with.Standard.&.Poor’s,.Aa2.(2017.:.Aa1).with.Moody’s.and.AA-.(2017.:.AA-).with.Fitch.

8.3 Fair Value Hierarchy

The.FRC.has.issued.“Amendments.to.FRS.102.–.Fair.value.hierarchy.disclosures”,.effective.for.accounting.periods.beginning.on.or.after.1.January.2017,.with.early.adoption.permitted..FRED.62.proposed.to.amend.paragraphs.34.22.and.34.42.of.FRS.102.to.require.disclosure.of.financial.instruments.held.at.fair.value.on.the.basis.of.a.fair.value.hierarchy.consistent.with.EU-adopted.IFRS.based.on.Level.1,.2.and.3.classification..The.Company.has.availed.of.early.adoption.and.the.financial.statements.have.been.prepared.in.accordance.with.these.amendments.and.fair.value.measurement.is.categorised.based.on.Level.1,.2.and.3..These.amendments.did.not.have.any.impact.on.the.Class.Funds’.financial.position.or.performance.

The.fair.value.of.financial.assets.and.liabilities.traded.in.active.markets.(such.as.publicly.traded.derivatives.and.trading.securities).are.based.on.quoted.mid-market.prices.on.the.year.end.date.or.in.the.case.of.fund.of.funds.are.based.on.the.net.asset.value.per.unit.

An.active.market.is.a.market.in.which.transactions.for.the.asset.or.liability.take.place.with.sufficient.frequency.and.volume.to.provide.pricing.information.on.an.ongoing.basis.

A.financial.instrument.is.regarded.as.quoted.in.an.active.market.if.quoted.prices.are.readily.and.regularly.available.from.an.exchange,.dealer,.broker,.industry.group,.pricing.service,.or.regulatory.agency,.and.those.prices.represent.actual.and.regularly.occurring.market.transactions.on.an.arm’s.length.basis.

FRS.102.requires.the.Company.to.classify.fair.value.measurements.using.a.fair.value.hierarchy.that.reflects.the.significance.of.the.inputs.used.in.making.the.measurements.

The.carrying.value.less.impairment.provision.of.other.receivables.and.payables.are.assumed.to.approximate.their.fair.values..The.fair.value.of.financial.liabilities.for.disclosure.purposes.is.estimated.by.discounting.the.future.contractual.cash.flows.at.the.current.market.interest.rate.that.is.available.to.the.Company.for.similar.financial.instruments.

The.fair.value.hierarchy.has.the.following.levels:

•. Listed.prices.(unadjusted).in.active.markets.for.identical.assets.or.liabilities.(level.1).

•. Inputs.other.than.listed.prices.included.within.level.1.that.are.observable.for.the.asset.or.liability,.either.directly.(that.is,.as.prices).or.indirectly.(that.is,.derived.from.prices).(level.2)..



45


8.3 Fair Value Hierarchy (continued)

•. Inputs.for.the.asset.or.liability.that.are.not.based.on.observable.market.data.(that.is,.unobservable.inputs).(level.3).

The.level.in.the.fair.value.hierarchy.within.which.the.fair.value.measurement.is.categorised.in.its.entirety.is.determined.on.the.basis.of.the.lowest.level.input.that.is.significant.to.the.fair.value.measurement.in.its.entirety..For.this.purpose,.the.significance.of.an.input.is.assessed.against.the.fair.value.measurement.in.its.entirety..If.a.fair.value.measurement.uses.observable.inputs.that.require.significant.adjustment.based.on.unobservable.inputs,.that.measurement.is.a.level.3..measurement..Assessing.the.significance.of.a.particular.input.to.the.fair.value.measurement.in.its.entirety.requires.judgement,.considering.factors.specific.to.the.asset.or.liability.

The.determination.of.what.constitutes.‘observable’.requires.significant.judgement.by.the.Company..The.Company.considers.observable.data.to.be.that.market.data.that.is.readily.available,.regularly.distributed.or.updated,.reliable.and.verifiable,.not.proprietary.and.provided.by.independent.sources.that.are.actively.involved.in.the.relevant.market.

The.following.tables.analyse.within.the.fair.value.hierarchy.the.Company’s.financial.assets.measured.at.fair.value.at..30.September.2018.and.30.September.2017.in.accordance.with.FRS.102..


30 September 2018 Level 1 Level 2 Level 3 Total

USD USD USD USD

Investment.Companies 48,582,300 14,664,983 – 63,247,283

Total Assets 48,582,300 14,664,983 – 63,247,283



USD USD USD USD


Total Assets 47,653,598 10,572,784 – 58,226,382



GBP GBP GBP GBP

Investment Companies 55,529,509 19,427,483 – 74,956,992

Total Assets 55,529,509 19,427,483 – 74,956,992



GBP GBP GBP GBP

Investment Companies 59,489,164 20,717,999 – 80,207,163



USD USD USD USD


Total Assets 12,306,667 1,368,118 – 13,674,785



USD USD USD USD


Total Assets 10,425,870 1,089,184 – 11,515,054



46





GBP GBP GBP GBP

Investment.Companies 10,353,143 627,310 – 10,980,453

Total Assets 10,353,143 627,310 – 10,980,453



GBP GBP GBP GBP

Investment.Companies 8,916,741 533,355 – 9,450,096

Total Assets 8,916,741 533,355 – 9,450,096



USD USD USD USD


Forward.Currency.Contracts – 30,420 – 30,420

Total Assets 26,186,842 6,184,933 – 32,371,775



USD USD USD USD


Total Assets 29,285,679 5,304,078 – 34,589,757

Forward.Currency.Contracts – (5,801) – (5,801)

Total Liabilities – (5,801) – (5,801)

STATEMENTS.OF.FINANCIAL.POSITION

NOTES.TO.FINANCIAL.STATEMENTS.(CONTINUED)

47





GBP GBP GBP GBP


Total Assets 27,968,715 7,105,101 – 35,073,816

Forward.Currency.Contracts – (5,328) – (5,328)

Total Liabilities – (5,328) – (5,328)



GBP GBP GBP GBP


Forward.Currency.Contracts – 1,936 – 1,936

Total Assets 30,166,420 5,712,631 – 35,879,051



USD USD USD USD

Investment.Companies 15,938,059 – – 15,938,059

Total Assets 15,938,059 – – 15,938,059



GBP GBP GBP GBP

Investment.Companies 21,498,916 – – 21,498,916

Total Assets 21,498,916 – – 21,498,916*Class.Fund.launched.on.29.June.2018.

8.4 Liquidity risk

Liquidity.risk.is.the.risk.that.the.Company.may.encounter.difficulty.in.meeting.obligations.associated.with.financial.liabilities.that.are.settled.by.delivering.cash.or.another.financial.asset..It.relates.to.the.mismatch.between.the.maturity.profile.of.financial.assets.and.financial.liabilities..

Shareholders.have.the.right.to.redeem.their.shares.in.the.Company.in.accordance.with.the.procedures.detailed.in.its.prospectus..In.order.to.meet.its.obligations.the.Company.may.be.required.to.sell.investments.held.in.a.particular..Class.Fund..

The.risk.is.that.the.Company.might.not.be.able.to.fully.repay.amounts.demanded.by.its.Shareholders..The.policy.of..the.Company.is.to.ensure.that.the.investments.of.the.Company.are.liquid.and.readily.tradable..

The.prospectus.also.allows.the.Manager.to.limit.redemptions.in.any.Class.Fund.to.one.eighth.of.the.participating..shares.in.issue.

There.is.no.material.mismatch.between.the.notice.period.required.to.be.given.by.the.Company.to.liquidate.its.investments.and.the.dealing.period.in.the.Company’s.Class.Funds.

48




8.5 Derivative financial instruments

The.Company.trades.in.derivative.financial.instruments.in.order.to.reduce.the.risks.arising.from.the.fluctuations.in.exchange.rates..The.Company’s.open.positions.are.shown.in.the.portfolio.statement.and.gains.and.losses.arising.from.derivatives.dealing.are.disclosed.in.note.3..No.detailed.disclosures.are.considered.necessary.due.to.the.insignificance.of.the.derivatives.

The.Class.Funds.listed.below.had.open.forward.exchange.contract.positions.at.30.September.2018.as.follows:


Maturity date Purchase Currency

Amount Sell Currency Amount Unrealised gain/(loss)

% of net assets

Unrealised gain of forward currency contracts

28/12/2018 GBP (3,000,000) USD 3,960,900 30,420 0.09

Total unrealised gain on forward currency contracts 30,420 0.09


Unrealised loss on forward currency contracts

28/12/2018 USD (900,000) GBP 681,612 (5,328) (0.01)

Total unrealised loss on forward currency contracts (5,328) (0.01)

The.Class.Funds.listed.below.had.open.forward.exchange.contract.positions.at.30.September.2017.as.follows:

Unrealised loss on forward currency contracts

29/12/2017 GBP (2,900,000) USD 3,896,382 (5,801) (0.02)

Total unrealised loss on forward currency contracts (5,801) (0.02)

Unrealised gain of forward currency contracts

29/12/2017 USD (1,750,000) GBP 1,302,490 1,936 0.01

Total unrealised gain on forward currency contracts 1,936 0.01

The.Class.Funds.use.forward.exchange.contracts.to.hedge.any.movements.in.foreign.currency.rates,.mainly.as.a.result.of.their.trading.activities..The.Class.Funds.do.not.enter.into.significant.cash.flow.hedges.

Gains.and.losses.on.forward.exchange.contracts.are.separately.reported.in.the.Statements.of.Comprehensive.Income.

Given.the.limited.use.of.derivatives.no.sensitivity.analysis.has.been.provided.



49


8.5 Derivative financial instruments (continued)

The.open.forwards.are.held.with.Bank.of.New.York.Mellon.

9. Exchange Rates

The.following.exchange.rates.at.30.September.2018.and.30.September.2017.were.used.to.translate.foreign.currency.assets.and.liabilities:


30 September 2018

30 September 2017

EUR/GBP 1.122700 1.134900

JPY/GBP 148.120550 –

USD/GBP 1.304050 1.341650

ZAR/GBP 18.453950 18.115650

EUR/USD 0.860933 0.845899

JPY/USD 113.585024 –

GBP/USD 0.766842 0.745351

ZAR/USD 14.151260 13.502516

10. Valuation Date

The.financial.statements.have.been.prepared.on.the.last.Net.Asset.Value.of.the.year.which.has.been.calculated.on..28.September.2018.with.prices.of.that.date.

11. Significant events during the year

An.updated.prospectus.was.issued.in.October.2017.

Capita.Trust.Company.(Jersey).Limited.was.acquired.by.the.Link.Administration.Holdings.Limited.on.6.November.2017.and.has.been.renamed.Link.Corporate.Services.(Jersey).Limited.

An.updated.prospectus.was.issued.in.June.2018..

Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(USD).–.Class.X.Shares.and.Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(GBP).–.Class.X.Shares.have.been.launched.on.29.June.2018..

12. Post Balance Sheet events

Multi.Manager.Fixed.Income.Fund.(GBP).and.Multi.Manager.Fixed.Income.Fund.(USD).launched.on.15.October.2018.

There.were.no.other.significant.post.balance.sheet.events.that.require.disclosure.in.these.financial.statements.

13. Approval of Financial Statements

The.financial.statements.were.approved.by.the.Board.of.Directors.on.9.January.2019.

50


FUND STATISTICS (UNAUDITED)

Fund Statistics (Unaudited)

Net asset value Net asset value per share

% change in Period*

Number of shares in issue

USD USD

Multi Manager Global Equity Fund (USD) – Class A Shares

At.launch.(1.March.2000) 100,000 10.00. – 10,000

31.October.2000 81,131 8.11 (18.90) 10,000

31.October.2001 2,112,640 5.57. (31.32) 379,149

31.October.2002 2,699,567 4.52. (18.85) 597,375

31.October.2003 3,767,922 5.74. 26.99 655,965

31.October.2004 11,892,643 6.39. 11.32 1,862,402

31.October.2005 25,583,673 7.49. 17.21 3,417,909

31.October.2006 36,741,024 9.12. 21.76 4,029,486

31.October.2007 47,456,789 11.21. 22.92 4,234,208

31.October.2008 21,124,114 6.16. (45.05) 3,430,276

31.October.2009 24,161,859 7.56. 22.73 3,193,981

31.October.2010 24,403,538 8.42. 11.38 2,899,880

31.October.2011 31,112,631 8.34. (0.95) 3,730,153

31.October.2012 23,356,762 8.77 5.16 2,663,401

30.September.2013 52,228,409 10.63 21.21. 4,912,142

30.September.2014 84,431,060 11.45 7.71 7,374,364

30.September.2015 68,399,056 10.54 (7.95) 6,488,674

30.September.2016 56,518,309 11.38 7.97 4,966,913

30.September.2017 42,473,129 13.47 18.37 3,153,108

30.September.2018 30,302,320 14.45 7.28 2,097,122

Multi Manager Global Equity Fund (USD) – Class B Shares

At.launch.(15.February.2016) 5,750 10.00 – 575

30.September.2016 1,525,406 11.68 16.80 130,585

30.September.2017 4,780,924 13.87 18.75 344,649

30.September.2018 8,056,387 14.92 7.57 539,797

Multi Manager Global Equity Fund (USD) – Class C Shares

At.launch.(13.February.2017) 11,310 10.00 – 1,131

30.September.2017 192,491 11.31 13.10 17,014

30.September.2018 1,244,047 12.21 7.96 101,896

Multi Manager Global Equity Fund (USD) – Class X Shares

At.launch.(17.March.2017) 300,000 10.00 – 30,000

30.September.2017 11,018,440 11.07 10.70 995,152

30.September.2018 23,761,831 12.02 8.58 1,976,809

*Performance.figures.are.based.on.the.net.asset.value.for.financial.reporting..This.differs.from.the.performance.figures.disclosed.in.the.Investment.Manager’s.Report,.which.are.based.on.the.net.asset.value.for.shareholders.dealing.

The.performance.data.in.this.table.covers.the.period.from.incorporation.by.way.of.a.continuance.in.Jersey.to.date..Performance.data.for.periods.can.be.found.in.the.fact.sheets.issued.by.the.Investment.Manager.

51


FUND STATISTICS (UNAUDITED) (CONTINUED)

Fund Statistics (Unaudited) (continued)


% change in Period*


GBP GBP

Multi Manager Global Equity Fund (GBP) – Class A Shares

At.launch.(1.March.2000) 100,000 10.00. – 10,000

31.October.2000 88,198 8.82. (11.80) 10,000

31.October.2001 1,613,954 6.39. (27.55) 252,640

31.October.2002 1,570,929 5.16. (19.25) 304,642

31.October.2003 4,885,436 6.33. 22.67 772,012

31.October.2004 14,010,880 6.82. 7.74 2,055,238

31.October.2005 36,616,712 8.20. 20.23 4,465,414

31.October.2006 59,702,648 9.64. 17.56 6,190,594

31.October.2007 73,402,794 10.96. 13.69 6,697,357

31.October.2008 38,954,839 7.16. (34.67) 5,439,281

31.October.2009 42,396,390 8.91. 24.44 4,757,702

31.October.2010 46,089,490 10.13. 13.69 4,551,880

31.October.2011 53,094,916 10.22. 0.89 5,193,665

31.October.2012 43,056,018 11.15. 9.10 3,862,123

30.September.2013 .71,936,305. 13.63 22.24. 5,277,351

30.September.2014 77,550,464 14.53 6.60 5,337,203

30.September.2015 70,553,368 14.74 1.45 4,786,248

30.September.2016 70,526,367 17.52 18.86 4,025,705

30.September.2017 75,769,036 20.34 16.10 3,725,861

30.September.2018 55,736,762 22.04 8.36 2,528,425

Multi Manager Global Equity Fund (GBP) – Class B Shares

At.launch.(15.February.2016) 5,490 10.00. – 549

30.September.2016 1,069,903 12.49 24.90 85,640

30.September.2017 2,512,735 14.55 16.49 172,735

30.September.2018 4,736,361 15.82 8.73 299,473

Multi Manager Global Equity Fund (GBP) – Class C Shares

At.launch.(2.February.2017) 45,830 10.00. – 4,583

30.September.2017 598,946 10.92 9.20 54,869

30.September.2018 959,915 11.90 8.97 80,640

Multi Manager Global Equity Fund (GBP) – Class X Shares

USD USD

At.launch.(10.April.2017) 490,100 10.00 – 49,010

30.September.2017 1,489,951 10.43 4.30 142,784

30.September.2018 13,677,414 11.45 9.78 1,194,998



52





% change in Period*


USD USD

Multi Manager Global Balanced Fund (USD) – Class A Shares

At.launch.(15.August.2012) 2,169,989. 10.00 – 216,999

31.October.2012 2,446,661. 10.10 1.00 242,252

30.September.2013 7,388,911. 11.13 10.20. 663,988

30.September.2014 10,490,156 11.78 5.84 890,571

30.September.2015 10,289,462 10.95 (7.05) 939,797

30.September.2016 ...10,480,379 11.41 4.20 918,712

30.September.2017 8,470,815 12.33 8.06 686,768

30.September.2018 2,328,213 12.98 5.27 179,404

Multi Manager Global Balanced Fund (USD) – Class B Shares


30.September.2016 435,716 10.68 6.80 40,812

30.September.2017 2,035,952 11.58 8.43 175,825

30.September.2018 2,986,694 12.22 5.53 244,339

Multi Manager Global Balanced Fund (USD) – Class C Shares


30.September.2017 1,144,696 10.59 5.90 108,141

30.September.2018 1,357,744 11.21 5.85 121,154

Multi Manager Global Balanced Fund (USD) – Class C Shares


30.September.2017 1,144,696 10.59 5.90 108,141

30.September.2018 1,357,744 11.21 5.85 121,154

Multi Manager Global Balanced Fund (USD) – Class X Shares

At.launch.(28.July.2017) 200,000 10.00 – 20,000

30.September.2017 300,650 10.02 0.20 30,000

30.September.2018 7,275,095 10.67 6.49 681,815

Multi Manager Global Balanced Fund (GBP) – Class A Shares

GBP GBP

At.launch.(15.August.2012) 1,512,743. 10.00 – 151,275

31.October.2012 1,623,004. 9.99 (0.10) 162,489

30.September.2013 7,285,926. 10.80 8.11. 674,418

30.September.2014 7,982,986 11.25 4.17 709,743

30.September.2015 8,118,131 11.24 (0.09) 722,099

30.September.2016 8,469,853 12.43 10.59 681,419

30.September.2017 7,186,936 13.25 6.60 542,327

30.September.2018 1,786,674 13.86 4.60 128,903



53





% change in Period*


GBP GBP

Multi Manager Global Balanced Fund (GBP) – Class B Shares

At.launch.(19.February.2016) 23,980. 10.00 –.. 2,398

30.September.2016 923,018 11.13 11.30 82,967

30.September.2017 1,989,069 11.90 6.92 167,190

30.September.2018 3,973,076 12.48 4.87 318,387

Multi Manager Global Balanced Fund (GBP) – Class C Shares

At.launch.(7.February.2017) 27,380. 10.00 – 2,738

30.September.2017 465,769 10.44 4.40 44,629

30.September.2018 1,090,919 10.98 5.17 99,358

Multi Manager Global Balanced Fund (GBP) – Class X Shares

At.launch.(25.August.2017) 155,230. 10.00 – 15,523

30.September.2017 153,254 9.87 (1.30) 15,523

30.September.2018 4,570,130 10.45 5.88 437,372

Multi Manager Absolute Return Fund (USD) – Class C Shares

USD USD

At.launch.(25.June.2007) 26,185,910 10.00. – 2,618,591

31.October.2007 27,229,003 10.08. 0.80 2,701,494

31.October.2008 29,123,689 8.07. (19.94) 3,609,624

31.October.2009 27,497,896 8.81. 9.17 3,119,963

31.October.2010 17,127,635 9.37. 6.36 1,828,127

31.October.2011 14,802,713 9.08. (3.09) 1,630,549

31.October.2012 17,156,334 9.27. 2.09 1,850,313

30.September.2013 25,620,072. 9.28 0.11. 2,760,574

30.September.2014 41,200,576 9.46 1.94 4,354,154

30.September.2015 50,620,202 9.25 (2.22) 5,473,733

30.September.2016 37,092,204 9.35 1.08 3,968,060

30.September.2017 27,809,483 9.72 3.96 2,860,772

30.September.2018 21,309,735 9.53 (1.95) 2,236,574

Multi Manager Absolute Return Fund (USD) – Class X Shares

USD USD

At.launch.(17.March.2017) 150,000. 10.00 – 15,000

30.September.2017 7,561,687 10.30 3.00 734,242

30.September.2018 13,078,753 10.16 (1.36) 1,287,863

.*Performance.figures.are.based.on.the.net.asset.value.for.financial.reporting..This.differs.from.the.performance.figures.disclosed.in.the.Investment.Manager’s.Report,.which.are.based.on.the.net.asset.value.for.shareholders.dealing.


54





% change in Period*


GBP GBP

Multi Manager Absolute Return Fund (GBP) – Class C Shares

At.launch.(25.June.2007) 27,944,390 10.00. – 2,794,439

31.October.2007 29,209,997 10.17. 1.70 2,872,901

31.October.2008 37,019,047 8.60. (15.44) 4,305,938

31.October.2009 36,019,399 9.40. 9.30 3,832,683

31.October.2010 32,820,796 10.06. 7.02 3,261,336

31.October.2011 31,053,497 9.82. (2.39) 3,160,819

31.October.2012 28,721,873 10.07. 2.55 2,853,606

30.September.2013 26,092,396. 10.24 1.69. 2,549,147

30.September.2014 27,310,017 10.46 2.15 2,611,901

30.September.2015 31,650,190 10.46 – 3,025,524

30.September.2016 35,719,739 10.80 3.25 3,306,330

30.September.2017 36,223,948 11.16 3.33 3,247,233

30.September.2018 25,680,222 10.88 (2.51) 2,360,245

Multi Manager Absolute Return Fund (GBP) – Class X Shares

At.launch.(10.April.2017) 915,230 10.00 - 91,523

30.September.2017 1,842,404 10.12 1.20 182,020

30.September.2018 11,773,900 9.93 (1.88) 1,185,678

Multi Manager Absolute Return Fund (GBP) – Class X Shares

At.launch.(10.April.2017) 915,230 10.00 – 91,523

30.September.2017 1,842,404 10.12 1.20 182,020

30.September.2018 11,773,900 9.93 (1.88) 1,185,678

Multi Manager Global Tactical Asset Allocation Fund (USD) – Class X Shares**

USD USD

At.launch.(29.June.2018) 319,962 10.00 – 32,000

30.September.2018 16,124,158 10.02 0.20 1,609,914

Multi Manager Global Tactical Asset Allocation Fund (USD) – Class X Shares**

At.launch.(29.June.2018) 319,962 10.00 – 32,000

30.September.2018 16,124,158 10.02 0.20 1,609,914

Multi Manager Global Tactical Asset Allocation Fund (GBP) – Class X Shares**

GBP GBP

At.launch.(29.June.2018) 79,950 10.00 – 8,000

30.September.2018 21,688,659 10.08 0.80 2,151,996

.*Performance.figures.are.based.on.the.net.asset.value.for.financial.reporting..This.differs.from.the.performance.figures.disclosed.in.the.Investment.Manager’s.Report,.which.are.based.on.the.net.asset.value.for.shareholders.dealing.

**Class.Fund.launched.on.29.June.2018.




55


Total Expense Ratio (Unaudited)

The.Total.Expense.Ratio.(“TER”).is.calculated.and.disclosed.as.per.the.guidelines.issued.by.the.Investment.Management.Association..The.ratio.expresses.the.sum.of.all.costs.charged.on.an.ongoing.basis.to.the.Class.Funds.taken.retrospectively.as.a.percentage.of.the.Class.Fund’s.average.net.assets..For.clarity,.when.the.Class.Fund.is.investing.in.other.funds,.the.ongoing.cost.of.these.funds.is.not.incorporated.in.the.calculation.of.the.TER.

30 September 2018

30 September 2017

Multi.Manager.Global.Equity.Fund.(USD).–.Class.A.Shares 1.58% 1.61%

Multi.Manager.Global.Equity.Fund.(USD).–.Class.B.Shares 1.28% 1.31%

Multi.Manager.Global.Equity.Fund.(USD).–.Class.C.Shares 0.97% 1.01%

Multi.Manager.Global.Equity.Fund.(USD).–.Class.X.Shares 0.38% 0.41%

Multi.Manager.Global.Equity.Fund.(GBP).–.Class.A.Shares 1.58% 1.60%

Multi.Manager.Global.Equity.Fund.(GBP).–.Class.B.Shares 1.28% 1.30%

Multi.Manager.Global.Equity.Fund.(GBP).–.Class.C.Shares 0.98% 1.01%

Multi.Manager.Global.Equity.Fund.(GBP).–.Class.X.Shares 0.38% 0.40%

Multi.Manager.Global.Balanced.Fund.(USD).–.Class.A.Shares 1.61% 1.63%

Multi.Manager.Global.Balanced.Fund.(USD).–.Class.B.Shares 1.30% 1.34%

Multi.Manager.Global.Balanced.Fund.(USD).–.Class.C.Shares 1.00% 1.03%

Multi.Manager.Global.Balanced.Fund.(USD).–.Class.X.Shares 0.41% 0.44%

Multi.Manager.Global.Balanced.Fund.(GBP).–.Class.A.Shares 1.60% 1.64%

Multi.Manager.Global.Balanced.Fund.(GBP).–.Class.B.Shares 1.30% 1.34%

Multi.Manager.Global.Balanced.Fund.(GBP).–.Class.C.Shares 1.00% 1.06%

Multi.Manager.Global.Balanced.Fund.(GBP).–.Class.X.Shares 0.40% 0.45%

Multi.Manager.Absolute.Return.Fund.(USD).–.Class.C.Shares 0.93% 0.98%

Multi.Manager.Absolute.Return.Fund.(USD).–.Class.X.Shares 0.33% 0.36%

Multi.Manager.Absolute.Return.Fund.(GBP).–.Class.C.Shares 0.94% 0.97%

Multi.Manager.Absolute.Return.Fund.(GBP).–.Class.X.Shares 0.34% 0.36%

Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(USD).–..Class.X.Shares* 0.34% –

Multi.Manager.Global.Tactical.Asset.Allocation.Fund.(GBP).–.Class.X.Shares* 0.32% –


The.figures.disclosed.have.been.annualised.

56

Multi Manager Global Equity Fund (USD) As at 30 September 2018

Transferable securities admitted to an official stock exchange or dealt in on another regulated market

Investment Companies

Nominal Holding

Cost USD

Fair Value USD

% of Net Assets

Ireland

Brown.Advisory.US.Mid-Cap.Fund. 96,162 1,036,384 1,299,147 2.05

GAM.Star.Fund.Plc.–.Technology. 72,850 2,180,721 3,191,318 5.04

Guinness.Asset.Management.Funds.Plc.–.Global.Energy.Fund. 136,083 1,064,881 1,302,900 2.06

Hermes.Asia.Ex-Japan.Equity.Fund. 738,788 1,987,000 2,642,168 4.17

Hermes.Investment.Funds.Plc.–.Hermes.US.SMID..Equity.Fund.

504,443 1,592,268 1,896,250 2.99

Iridian.US.Equity.Fund. 19,733 2,170,196 2,509,004 3.96

J.O.Hambro.Capital.Management.Umbrella.Fund.Plc.–..Japan.Fund.

608,859 1,751,208 2,079,439 3.28

Janus.Henderson.US.Venture.Fund. 139,229 1,746,840 2,561,814 4.04

Lazard.Global.Listed.Infrastructure.Equity.Fund. 509,452 1,118,834 1,216,161 1.92

Legg.Mason.Global.Funds.Plc.–.ClearBridge.U.S...Aggressive.Growth.Fund.

9,377 1,923,960 2,563,559 4.05

Legg.Mason.Global.Funds.Plc.–.Legg.Mason.ClearBridge.Value.Fund.

6,567 1,035,469 1,305,153 2.06

Legg.Mason.Royce.US.Smaller.Companies.Fund. 13,266 1,638,670 2,075,920 3.28

Polar.Capital.Funds.Plc.–.Healthcare.Opportunities.Fund. 62,100 2,376,616 3,183,886 5.02

Vulcan.Value.Equity.Fund. 15,521 1,861,882 2,613,518 4.12

30,440,237 48.04

Luxembourg

Alquity.SICAV.–.Alquity.Asia.Fund. 9,596 1,505,296 1,518,220 2.40

Aubrey.Capital.Management.Access.–..Aubrey.Global.Emerging.Mkts.Opportunities.Fund.

16,749 1,665,986 1,841,268 2.91

BlackRock.Global.Funds.–.Continental.European.Flexible.Fund. 58,106 1,340,856 1,870,869 2.95

Conventum.–.Lyrical.Fund. 10,439 2,206,912 2,524,355 3.98

Fidelity.Funds.–.Asian.Smaller.Companies.Fund. 54,622 1,300,000 1,211,513 1.91

JPMorgan.Funds.–.America.Equity.Fund. 37,342 836,018 1,280,092 2.02

Oyster.Funds.–.US.Selection. 1,420 1,693,724 2,534,123 4.00

T.Rowe.Price.Funds.SICAV.–.US.Smaller.Companies..Equity.Fund.

101,047 1,953,875 2,010,829 3.17

14,791,269 23.34.*Performance.figures.are.based.on.the.net.asset.value.for.financial.reporting..This.differs.from.the.performance.figures.disclosed.in.the.Investment.Manager’s.Report,.which.are.based.on.the.net.asset.value.for.shareholders.dealing.




57


Transferable securities admitted to an official stock exchange or dealt in on another regulated market (continued)


Nominal Holding

Cost USD

Fair Value USD

% of Net Assets

United Kingdom

Aberforth.UK.Small.Companies.Fund. 3,028 972,727 1,060,964 1.67

Baillie.Gifford.Overseas.Growth.Funds.ICVC.–..Japanese.Smaller.Companies.Fund.

32,422 1,373,007 2,253,490 3.56

FP.Argonaut.Funds.–.FP.Argonaut.European.Alpha.Fund. 387,738 1,477,596 1,587,436 2.50

FP.Crux.European.Special.Situations.Fund. 291,689 1,601,765 1,950,708 3.08

JO.Hambro.Capital.Management.UK.Umbrella.Fund.–..UK.Dynamic.Fund.

312,539 901,286 1,083,720 1.71

Man.International.ICVC.–.Japan.CoreAlpha. 837,130 1,651,143 2,122,185 3.35

MI.Somerset.Emerging.Markets.Dividend.Growth.Fund. 1,066,053 2,202,622 2,291,444 3.61

MI.Somerset.Emerging.Markets.Small.Cap.Fund.OEIC. 1,694,033 1,855,157 1,943,443 3.07

Threadneedle.Investment.Funds.ICVC.–.European..Select.Fund.

697,830 1,540,551 1,861,506 2.94

16,154,896 25.49

United States

First.Trust.Financial.AlphaDEX.Fund.–.ETF. 58,198 1,627,021 1,860,881 2.94

1,860,881 2.94

Total Investment Companies 63,247,283 99.81

Total Investments 51,190,471 63,247,283 99.81

Net.current.assets 117,302 0.19

Total net assets 63,364,585 100.00.*Performance.figures.are.based.on.the.net.asset.value.for.financial.reporting..This.differs.from.the.performance.figures.disclosed.in.the.Investment.Manager’s.Report,.which.are.based.on.the.net.asset.value.for.shareholders.dealing.




58




Nominal Holding

Cost GBP

Fair Value GBP

% of Net Assets

Ireland

GAM.Star.Fund.Plc.–.Technology. 113,486 2,261,296 3,812,322 5.08

Guinness.Asset.Management.Funds.Plc.–.Global.Energy.Fund. 137,191 1,219,735 1,557,127 2.07

Hermes.Asia.Ex-Japan.Equity.Fund. 701,014 1,128,529 1,922,530 2.56


644,720 1,588,369 1,858,491 2.48

Iridian.US.Equity.Fund. 18,900 1,373,704 1,842,845 2.46


666,002 1,231,416 1,744,260 2.32

Janus.Henderson.US.Venture.Fund. 159,191 1,565,867 2,246,166 2.99

Lazard.Global.Listed.Infrastructure.Equity.Fund. 842,076 1,189,863 1,541,505 2.05

Legg.Mason.Global.Funds.Plc.–.ClearBridge.U.S..Aggressive.Growth.Fund.

9,248 1,233,409 1,938,754 2.58

Legg.Mason.Royce.US.Smaller.Companies.Fund. 18,161 1,499,549 2,179,179 2.90

Merian.Global.Investors.Series.Plc.–.Merian.UK.Smaller.Companies.Focus.Fund.

958,956 1,659,314 3,032,891 4.04

Polar.Capital.Funds.Plc.–.Healthcare.Opportunities.Fund. 96,632 2,679,568 3,799,197 5.06

Vulcan.Value.Equity.Fund. 14,792 1,203,035 1,910,025 2.54

29,385,292 39.13

Luxembourg

Alquity.SICAV.–.Alquity.Asia.Fund. 12,060 1,447,129 1,463,094 1.95

Aubrey.Capital.Management.Access.–.Aubrey.Global.Emerging.Mkts.Opportunities.Fund.

15,347 1,078,802 1,293,745 1.72

BlackRock.Global.Funds.–.Continental.European.Flexible.Fund. 59,905 837,754 1,479,081 1.97

Conventum.–.Lyrical.Fund. 11,968 2,108,067 2,219,205 2.95

Fidelity.Funds.–.Asian.Smaller.Companies.Fund. 88,141 1,505,194 1,499,153 2.00

Oyster.Funds.–.US.Selection. 1,625 1,261,080 2,223,879 2.96

10,178,157 13.5.*Performance.figures.are.based.on.the.net.asset.value.for.financial.reporting..This.differs.from.the.performance.figures.disclosed.in.the.Investment.Manager’s.Report,.which.are.based.on.the.net.asset.value.for.shareholders.dealing.




59

Multi Manager Global Equity Fund (GBP) As at 30 September 2018



Nominal Holding

Cost GBP

Fair Value GBP

% of Net Assets

United Kingdom

Aberforth.UK.Small.Companies.Fund. 12,537 2,400,316 3,369,077 4.49

Baillie.Gifford.Overseas.Growth.Funds.ICVC.–.Japanese.Smaller.Companies.Fund.

33,292 1,022,544 1,774,450 2.36

FP.Crux.European.Special.Situations.Fund. 263,118 853,245 1,349,362 1.80

Investec.Fund.Series.i.–.UK.Alpha.Fund. 1,103,825 1,952,159 2,426,648 3.23

J.O.Hambro.Capital.Management.UK.Umbrella.Fund.–..UK.Equity.Income.Fund.

720,748 2,102,806 2,821,729 3.76


1,210,262 2,347,004 3,218,086 4.28

Man.International.ICVC.–.Japan.CoreAlpha. 924,691 1,162,289 1,797,599 2.39

MI.Somerset.Emerging.Markets.Dividend.Growth.Fund. 896,580 1,209,895 1,477,833 1.97

MI.Somerset.Emerging.Markets.Small.Cap.Fund.OEIC. 908,885 1,009,005 1,281,092 1.71

Standard.Life.Investments.UK.Equity.Unconstrained.Fund. 952,169 2,232,306 2,682,261 3.57

Thesis.Unit.Trust.Management.–.TM.Sanditon.UK.Fund. 2,696,468 2,691,988 2,817,809 3.75

Threadneedle.Investment.Funds.ICVC.–.European..Select.Fund.

647,493 918,632 1,324,512 1.76

Threadneedle.Investment.Funds.ICVC.–.UK.Fund. 1,931,923 2,770,932 3,484,803 4.64

Unicorn.Investment.Funds.–.UK.Smaller.Companies.Fund. 607,176 2,778,198 3,367,339 4.48

33,192,600 44.19

United States

First.Trust.Financial.AlphaDEX.Fund.–.ETF. 89,762 1,759,993 2,200,943 2.93

2,200,943 2.93




Total net assets 75,110,452 100.00.*Performance.figures.are.based.on.the.net.asset.value.for.financial.reporting..This.differs.from.the.performance.figures.disclosed.in.the.Investment.Manager’s.Report,.which.are.based.on.the.net.asset.value.for.shareholders.dealing.



PORTFOLIO STATEMENTS (UNAUDITED)

60




Nominal Holding

Cost USD

Fair Value USD

% of Net Assets

Ireland

GAM.Star.Fund.plc.–.Technology. 8,705 239,478 381,337 2.73

Guinness.Asset.Management.Funds.Plc.–..Global.Energy.Fund.

30,501 254,020 292,025 2.09


77,246 241,113 290,376 2.08

Iridian.US.Equity.Fund. 2,084 233,154 265,039 1.90

iShares.Core.S&P.500.UCITS.ETF. 6,004 1,520,407 1,705,826 12.23

iShares.USD.Short.Duration.Corp.Bond.UCITS.ETF. 5,599 567,530 555,785 3.99

iShares.USD.Treasury.Bond.1.–.3yr.UCITS.ETF. 6,028 789,798 781,470 5.60

iShares.USD.Treasury.Bond.3.–.7yr.UCITS.ETF. 19,583 2,401,506 2,391,084 17.14


107,245 308,300 366,276 2.63

Lazard.Global.Listed.Infrastructure.Equity.Fund. 95,899 197,531 274,388 1.97

Legg.Mason.Global.Funds.Plc.–.ClearBridge..U.S..Aggressive.Growth.Fund.

1,067 229,205 291,824 2.09

Legg.Mason.Royce.US.Smaller.Companies.Fund. 1,728 208,883 270,337 1.94

Neuberger.Berman.Global.Real.Estate.Securities.Fund. 24,541 243,121 280,990 2.02

Polar.Capital.Funds.Plc.–.Healthcare.Opportunities.Fund. 7,859 285,443 402,932 2.89

Smith.&.Williamson.Short.Dated.Corporate.Bond.Fund 1,486,336 1,362,124 1,311,097 9.40

SPDR.Bloomberg.Barclays.U.S..Treasury.Bond.UCITS.ETF. 9,904 1,019,960 1,016,101 7.29

Vanguard.S&P.500.UCITS.ETF. 20,664 1,073,012 1,143,907 8.20

12,020,794 86.19

United States

First.Trust.Financial.AlphaDEX.Fund.–.ETF. 8,666 243,450 277,095 1.98

iShares.0.–.5.Year.TIPS.Bond.ETF. 5,606 562,464 553,649 3.97

830,744 5.95




Total net assets 13,947,746 100.00


PORTFOLIO STATEMENTS (UNAUDITED) (CONTINUED)

61

Multi Manager Global Balanced Fund (GBP) As at 30 September 2018



Nominal Holding

Cost GBP

Fair Value GBP

% of Net Assets

Ireland

GAM.Star.Fund.Plc.–.Technology. 9,132 165,312 306,782 2.69

Guinness.Asset.Management.Funds.plc.–.Global..Energy.Fund.

20,241 182,257 229,738 2.01

iShares.Core.MSCI.Japan.IMI.UCITS.ETF.USD.Acc.–.ETF. 10,402 331,304 350,547 3.07


iShares.Core.UK.Gilts.UCITS.ETF.GBP.Dist. 68,834 906,693 890,798 7.80

iShares.Corp.Bond.0–.5yr.UCITS.ETF.GBP.Dist. 4,329 459,548 451,471 3.95

iShares.MSCI.Europe.ex-UK.UCITS.ETF.EUR.Dist. 20,060 552,074 563,235 4.93

iShares.UK.Gilts.0.–.5yr.UCITS.ETF. 14,644 1,937,911 1,933,301 16.93


107,673 200,276 281,995 2.47

Lazard.Global.Listed.Infrastructure.Equity.Fund. 116,994 148,499 214,169 1.87

Merian.Global.Investors.Series.Plc.–.Merian.UK.Smaller.Companies.Focus.Fund.

87,732 116,390 277,469 2.43

Neuberger.Berman.Global.Real.Estate.Securities.Fund. 25,015 171,056 219,643 1.92

Polar.Capital.Funds.Plc.–.Healthcare.Opportunities.Fund. 8,153 193,300 320,528 2.81

Smith.&.Williamson.Short.Dated.Corporate.Bond.Fund. 1,238,093 1,187,221 1,119,608 9.81

SPDR.Bloomberg.Barclays.1.–.5.Year.Gilt.UCITS.ETF. 18,730 951,053 950,079 8.32

9,470,147 82.92

Luxembourg

Fidelity.Funds.–.Asian.Smaller.Companies.Fund. 13,323 227,365 226,604 1.98

226,604 1.98

United Kingdom

Aberforth.UK.Small.Companies.Fund. 930 171,471 250,004 2.19

Investec.Fund.Series.i.–.UK.Alpha.Fund. 131,146 240,069 288,311 2.52


105,640 215,600 280,898 2.46

Unicorn.Investment.Funds.–.UK.Smaller.Companies.Fund. 44,223 199,424 245,258 2.15

1,064,471 9.32

United States

First.Trust.Financial.AlphaDEX.Fund.–.ETF. 8,941 198,648 219,231 1.92

219,231 1.92







62

Multi Manager Absolute Return Fund (USD)) As at 30 September 2018



Nominal Holding

Cost USD

Fair Value USD

% of Net Assets

Ireland

Hermes.Investment.Management.Ltd.–.Multi.Strategy.Credit.Fund.

1,033,223 2,347,392 2,409,372 7.01

Legg.Mason.Global.Funds.Plc.–.Brandywine.Global.Fixed.Income.Absolute.Return.Fund.

22,698 2,388,328 2,418,713 7.03

Legg.Mason.Global.Funds.Plc.–.Legg.Mason.Western.Asset.Macro.Opportunities.Bond.Fund.

27,229 3,322,965 3,406,640 9.91

Polar.Capital.Funds.Plc.–.Global.Convertible.Fund. 205,832 2,690,102 2,764,324 8.04

10,999,049 31.99

Luxembourg

Aviva.Investors.Sicav.–.Multi-Strategy.Target.Return.Fund. 18,633 1,854,937 1,887,792 5.49

Invesco.Global.Targeted.Returns.Fund. 229,273 2,380,089 2,392,145 6.96

Jupiter.JGF.–.Global.Convertibles. 190,420 2,693,334 2,742,055 7.97

Schroder.ISF.Emerging.Markets.Debt.Absolute.Return. 87,940 2,857,548 2,720,495 7.91

9,742,487 28.33

United Kingdom

M&G.Investment.Funds.10.–.UK.Inflation.Linked.Corporate.Bond.Fund.

1,454,507 2,201,234 2,252,012 6.55

M&G.Optimal.Income.Fund. 212,363 3,130,149 3,412,458 9.92

Natixis.Investment.Funds.UK.ICVC.–.H2O.MultiReturns..N/AG.GBP.Fund.

1,065,380 2,173,978 2,182,604 6.35

7,847,074 22.82

United States

iShares.0.–.5.Year.TIPS.Bond.ETF. 29,381 2,956,852 2,902,255 8.44

Vanguard.Short-Term.Inflation.–.Protected.Securities.ETF. 17,583 866,046 850,490 2.47

3,752,745 10.91



Net.current.assets 2,047,133 5.95




63

Multi Manager Absolute Return Fund (GBP) As at 30 September 2018



Nominal Holding

Cost GBP

Fair Value GBP

% of Net Assets

Ireland

Hermes.Investment.Management.Ltd.–.Multi.Strategy.Credit.Fund.

2,306,900 2,580,423 2,621,100 7.00

Legg.Mason.Global.Funds.Plc.–Brandywine.Global.Fixed.Income.Absolute.Return.Fund.

29,658 2,828,253 2,697,430 7.20

Legg.Mason.Global.Funds.Plc.–.Legg.Mason.Western.Asset.Macro.Opportunities.Bond.Fund.

34,284 3,696,953 3,795,905 10.13

Polar.Capital.Funds.Plc.–.Global.Convertible.Fund. 307,143 3,358,739 3,418,507 9.13

12,532,942 33.46

Luxembourg

Aviva.Investors.Sicav.–.Multi-Strategy.Target.Return.Fund. 20,830 2,090,012 2,070,939 5.53

Invesco.Global.Targeted.Returns.Fund. 253,799 2,604,752 2,581,411 6.89

JPMorgan.Liquidity.Funds.–.Sterling.Liquidity.Fund. 72 1,150,845 1,153,882 3.08

Jupiter.JGF.–.Global.Convertibles. 267,977 3,422,687 3,365,797 8.98

Schroder.ISF.Emerging.Markets.Debt.Absolute.Return. 110,327 2,672,072 2,617,254 6.99

11,789,283 31.47

United Kingdom

M&G.Investment.Funds.10.–.UK.Inflation.Linked.Corporate.Bond.Fund.

3,147,497 3,673,547 3,737,022 9.98

M&G.Optimal.Income.Fund. 1,707,913 3,493,795 3,739,304 9.98

Natixis.Investment.Funds.UK.ICVC.–.H2O.MultiReturns.N/AG.GBP.Fund.

1,617,943 2,335,221 2,541,788 6.79

10,018,114 26.75

United States

iShares.0.–.5.Year.TIPS.Bond.ETF. 9,685 724,867 733,477 1.96

733,477 1.96



Net.current.assets 2,380,306 6.36




64

Multi Manager Global Tactical Asset Allocation Fund (USD)* As at 30 September 2018



Nominal Holding

Cost USD

Fair Value USD

% of Net Assets

Ireland




Vanguard.S&P.500.UCITS.ETF. 72,862 3,906,679 4,033,458 25.01

15,938,059 98.85




Total net assets 16,124,158 100.00 *.Class.Fund.launched.on.29.June.2018.

Multi Manager Global Tactical Asset Allocation Fund (USD)* As at 30 September 2018



Nominal Holding

Cost GBP

Fair Value GBP

% of Net Assets

Ireland

iShares.Core.MSCI.Japan.IMI.UCITS.ETF.USD.Acc.–.ETF. 49,771 1,591,108 1,677,282 7.73


iShares.Core.UK.Gilts.UCITS.ETF.GBP.Dist. 165,590 2,176,387 2,142,942 9.88

iShares.MSCI.Europe.ex-UK.UCITS.ETF.EUR.Dist. 96,451 2,683,349 2,708,103 12.49

iShares.UK.Gilts.0.–.5yr.UCITS.ETF. 63,836 8,446,753 8,427,629 38.86




Total net assets 21,688,659 100.00 *Class.Fund.launched.on.29.June.2018.



SBSA..GMS-6767-1-2019


65

NOTICE OF ANNUAL GENERAL MEETING

NOTICE.IS.HEREBY.GIVEN.pursuant.to.the.Articles.of.Association.of.Standard.Bank.International.Funds.Limited.(the.“Company”).that.the.Annual.General.Meeting.of.the.Company.will.take.place.on.29.January.2019.at.Standard.Bank.House,.47.–.49.La.Motte.Street,.St..Helier,.Jersey.JE2.4SZ,.Channel.Islands.at.12.00.noon.for.the.purpose.of.considering.and,.if.thought.fit,.passing.the.following.Resolutions:.

Ordinary.Resolutions

1.. That.the.financial.statements.for.the.year.ended.30.September.2018.be.approved.and.adopted.

2.. That.directors.fees.in.the.sum.of.USD30,000.and.GBP20,000.for.the.year.ended.30.September.2018.be.approved.

3.. That.PricewaterhouseCoopers.Ireland,.be.reappointed.auditors.of.the.Company.to.hold.office.until.the.conclusion.of.the.next.general.meeting.at.which.the.accounts.are.laid.before.the.Company.and.that.their.remuneration.be.fixed.by.the.directors.

By.order.of.the.board.

STANLIB Fund Managers Jersey Limited

Secretary

9 January 2019

Notes

1.. A.member.entitled.to.attend.and.vote.is.entitled.to.appoint.one.or.more.proxies.to.attend.and.vote.in.his.stead...A.proxy.need.not.be.a.member.of.the.Company..

2.. To.be.valid.this.proxy.form.must.be.completed.and.deposited.at.the.registered.office.of.the.Company.not.less.than.48.hours.before.the.time.fixed.for.the.meeting.

3.. If.the.shareholder.is.a.corporation.the.form.must.be.executed.either.under.its.common.seal.or.under.the.hand.of.an.officer.or.attorney.so.authorised.

4.. In.the.case.of.joint.holders,.the.signature.of.any.one.joint.holder.will.be.sufficient,.but.the.names.of.all.joint.holders.should.be.stated.


66

Please.complete.in..block.capitals

Complete.only.if.Special.proxy.desired...(See.Note.a..below)

Resolutions.

*Strike.out.whatever.is....not.desired

I/We...……………………………………………….

being.a.holder(s).of…………..Participating.shares.in.the.capital.of.the.Company.hereby.appoint.the.Chairman.of.the.Meeting.or.failing.him:

as.my/our.proxy.to.vote.for.me/us.on.my/our.behalf.at.the.Annual.General.Meeting.of.the.Company.to.be.held.on.29.January.2018.at.11.00.a.m..and.at.any.adjournments.thereof,.in.the.following.manner:

Ordinary.Resolution. . No..1. .For/Against*

. . . . . No..2. For/Against*

. . . . . No..3. For/Against*

Signed.this._____________day.of.____________________2019

Signature.________________________________________

a.. If.you.desire.to.appoint.a.proxy.other.than.indicated.above,.please.delete.the.appropriate.words.and.insert.the.name.and.address.of.your.proxy.

b.. Unless.otherwise.instructed,.the.proxy.will.vote.or.abstain.from.voting.as.he.thinks.fit.in.relation.to.the.resolutions.referred.to.above.

c.. To.be.valid,.the.proxy.must.be.lodged.with.the.secretary.of.the.Company..48.hours.prior.to.the.time.of.the.meeting.

d.. A.corporation.should.complete.this.form.under.its.common.seal.or.under.the.hand.of.a.duly.authorised.officer..or.attorney.

FORM OF PROXY

The.Secretary.Standard.Bank.International.Funds.Limited.Standard.Bank.House.47.–.49.La.Motte.Street.St..Helier.JERSEY,.JE2.4SZ. .

Standard Bank International Funds Limited (the “Company”)

Documents

Standard Bank International Funds Limited Annual Report ... · Standard Bank International Funds Limited 4 REPORT OF THE DIRECTORS The.directors.submit.their.annual.report.and.audited.financial.statements.for.the.year.ended.30